(https://www.cnbc.com/2026/07/01/demand-for-riskier-mortgages-drops-as-their-advantages-shrink.html) as the 30-year fixed-rate advantage evaporates. This matters because it signals something nobody's pricing into bank valuations yet: if borrowers stop taking variable-rate mortgages, deposit stickiness erodes and NIM compression accelerates in a sideways-yield environment. The consensus is still pricing banks for a soft landing with stable deposit costs.

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