Banking Turmoil Causes Mortgage Rates to Plummet.

Mortgage rates have dropped this week following the collapse of two banks, with the average 30-year fixed mortgage rate falling to 6.60%. This has encouraged some sidelined buyers to make moves, with the volume of applications to purchase a home increasing 7% from one week earlier. However, rates are likely to remain volatile as markets weigh the impact of bank failures versus the latest inflation reading on the Federal Reserve's decision on interest rates. Buyers are advised to shop around and talk to three or four lenders before closing a deal.