Mortgage rates post big decline amid Silicon Valley Bank fallout

Mortgage rates fell sharply on Monday as the stunning collapse of Silicon Valley Bank triggered fears of a broader banking meltdown. The average rate on a 30-year dropped to 6.57%, according to Mortgage News Daily, down from 6.76% on Monday and a high of 7.05% last Wednesday. Mortgage rates track the yield on 10-year Treasury bonds, which fell on Monday to the lowest level since early February. …