Mortgage rates tumble in the wake of bank failures

Econ & Housing

A residential neighborhood in Austin, Texas, on Sunday, May 22, 2022.Jordan Vonderhaar | Bloomberg | Getty ImagesThe average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily. That’s down from a rate of 6.76% on Friday and a recent high of 7.05% last Wednesday.Mortgage rates loosely follow…

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