Soaring Safe Heaven amid Banking Crisis Sends 30-Year US Mortgage Rates to 2-Month Low

Data released by the Mortgage Bankers Association (MBA) on Wednesday showed that in the week ended April 7, the contract rate on a 30-year fixed-rate mortgage in the US fell 10 basis points to 6.3%. The association's index of mortgage applications to buy a home rose 7.8%, the biggest gain since mid-January. Mortgage rates continued to fall as investors sought US Treasuries as safe heaven after several recent bank failures.