Shares of Redfin (NASDAQ: RDFN) climbed 14% on Monday, following a steep decline in mortgage rates over the past week.
The average rate on a 30-year fixed mortgage fell to 6.57% on Monday, down from a high of 7.05% on Wednesday, as reported by CNBC. The sizable decline coincided with a drop in the yields of U.S. Treasury notes in recent days.
Investors have sought shelter in defensive investments following a series of recent bank failures. U.S. Treasuries are widely considered to be among the safest investments in the world. When people rush to buy Treasuries, the bonds' prices rise, and their yields fall.
Source Fool.com