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Why Redfin Stock Soared 25% This Week

TheMotleyFool

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Why Redfin Stock Soared 25% This WeekPhoto, wide shot, wide-angle lens, Private equity firm, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.theapi.app/temp/2b695cca-48cb-4195-802a-e3385fb90ec0.png

Shares of Redfin (NASDAQ: RDFN) spiked this week on no company-specific news. Instead, the real estate company's shares climbed higher as mortgage rates fell in response to trouble in the banking industry.

As a result, Redfin stock was up by 25.1% this week, according to data provided by S&P Global Market Intelligence.

Redfin's share price spiked on Monday as mortgage interest rates fell to 6.57%, down from their high of 7.05% just several days before that. The quick drop in mortgage rates was spurred by the recent collapse of SVB Financial's Silicon Valley Bank as well as Signature Bank.

Source Fool.com

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