FOX Business' Ashley Webster reports from a for-sale townhome in West Palm Beach, Florida, where the local market is feeling some of the Silicon Valley Bank collapse impact. 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 toldAccording to the real estate expert, SVB’s insolvency causing bank-run contagion fears didn’t help the stability of the economy or mortgage rates.
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,