SVB Collapse Triggers Drop in Mortgage Rates.

Mortgage rates have dropped this week following the closures of Silicon Valley Bank and Signature Bank, which has raised speculation about the interest rate environment. The average rate for a 30-year fixed-rate mortgage decreased to 6.6% for the week ending March 16, according to Freddie Mac's Primary Mortgage Market Survey. Homebuyers could save up to $1,200 by shopping around for the right lender in times of heightened mortgage rate volatility. The Federal Reserve's aggressive interest rate hikes were partly to blame for the bank closures, leading to speculation over the future of the interest rate environment.