PHOENIX — The recent failures of Silicon Valley Bank and Signature Bank may offer a tiny window of lower mortgage interest rates, giving homebuyers a chance to buy a home before rates go back up again.
How long this window might remain open is unclear.
"In the past few days, home loan rates have already declined by about a half percent," said Greg Hague, CEO of Scottsdale-based 72Sold. "However, in the long term, the Fed will likely have to raise rates considerably to temper inflation, so the next few months may be the best opportunity to buy for a very long time."
Last week, mortgage rates were over 7% and dropped from Friday to Monday by half a percent, which is a big drop, said Sarah Perkins, director of industry research and senior account executive for Navi Title Agency.
"I do not think this will last for long," she said.
