Last week was wild, and not just for the housing market. We had a 21st-century bank run on Silicon Valley Bank and then the federal government took action over the weekend to stop the contagion. Mortgage rates fell even though the jobs report was stronger than anticipated.

The bank failure spooked bond traders who were looking for higher yields and rates. They reversed their bearish take on bonds, and people started to buy the 10-year yield, causing mortgage rates to fall.

As a result, mortgage rates, which details ⇒

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