Today, I'm talking about the recent banking crash that happened with Silicon Valley Bank (SVB) and how it has helped decrease mortgage rates. For those who are unaware, SVB is a bank that specializes in providing financial services to the tech industry. However, earlier this month, the bank experienced a major system outage that left its customers unable to access their accounts or conduct transactions for several days. This crash had a ripple effect on the financial industry, causing mortgage rates to drop as a result. When a bank experiences a crisis, investors tend to flock to safer investments such as bonds. As demand for bonds increases, the yields on these investments decrease, which in turn leads to lower mortgage rates. So, if you're in the market for a new home or looking to refinance your current mortgage, this may be a good time to take advantage of these lower rates. Curious to know more about Los Angeles real estate?
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