If Tax-Exempt Institutions Pass on to Borrowers in the Real

If tax-exempt institutions pass on to borrowers in the real estate investment market a significant share of the tax shields they have, then what empirical evidence of this would we expect to see?

A) Mortgage interest rates would be higher than municipal bond rates
B) Mortgage interest rates would be about the same as municipal bond rates
C) mortgage interest rates would be lower than municipal bond rates
D) Insurance premiums on whole-life policies would be lower than premiums on comparable term insurance