Following the failure and closure of Silicon Valley Bank (SVB) and Signature Bank, indications of a slowing economy begin to arise. When deposits began flowing out of these institutions, it forced the institutions to sell off their loan portfolios at a nearly $1.8 billion dollar loss. News of this loss caused depositors to race out the door. The shuddering of these banks has lead to a .43% drop in the average 30 year fixed rate mortgage in just two business days. This sharp decline comes as the financial industry waits for the March 22nd FOMC meeting.
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Sources: https://www.mortgagenewsdaily.com/mortgage-rates/30-year-fixed
