Bank failures and lockdowns lead to fluctuating mortgage rates.

Mortgage rates have fallen to 6.57% for a 30-year fixed mortgage, down from 7.05% last week, following the failures of Silicon Valley Bank and Signature Bank. The drop in rates could potentially revive the spring housing market, which slowed down in February due to higher rates. However, the impact on rates will depend on consumer behavior and inflation. The Federal Reserve's monetary policy and thinking on inflation also heavily influence mortgage rates.