Source: Fox Business —
From one coast to another, the collapse of California-based Silicon Valley Bank (SVB) has now sent tidal waves to Florida’s real estate market, one broker claimed on “Varney & Co.” Thursday.
“It’s definitely cooled down a bit. Gone are the days when we would put properties on the market and we would expect a bidding war within a few days,” Sandals Realty Group broker Amanda Glass told FOX Business’ Ashley Webster. “It’s not happening anymore.”
According to the real estate expert, SVB’s insolvency causing bank-run contagion fears didn’t help the stability of the economy or mortgage rates. Even though mortgage rates currently remain up and homeowners may want to sell as soon as possible, there’s no guarantee they can secure an affordable mortgage elsewhere, causing some residents to stay put.
As of Thursday afternoon, mortgage rates plunged a quarter of a percentage point or more for all key repayment terms, with 30-year rates diving back below the 6% mark. Homebuyers who want a low-interest rate and smaller monthly payments may want to lock in a 30-year rate today, ahead of likely rate fluctuations, according to Credible.
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