Mortgage Rates React to SVB Collapse and Volatility

Mortgage applications increased by 6.5% last week as buyers and homeowners took advantage of a sudden drop in rates following the failures of Silicon Valley Bank and Signature Bank. The volume of purchase applications increased by 7% from the previous week, while the number of refinance applications rose by 5%. However, purchase applications remained 38% lower than the same week a year ago, and refinancing remains far from its levels from two years ago when mortgage rates hovered around 3%.