Mortgage Rates Dip Amid Banking Turmoil.

Some homebuyers are returning to the market as mortgage rates decline from the four-month high they reached last week. Daily average mortgage rates dropped from 7% to about 6.5% over the weekend in the wake of Silicon Valley Bank’s collapse. U.S. home prices also fell, dropping 1.8% year over year during the four weeks ending March 12, the biggest decline in over a decade. Overall, U.S. mortgage-purchase applications increased 7% from the week before during the week ending March 10. However, overall homebuying demand remains tepid, especially compared with the same period last year, largely due to high housing payments and low supply.