For what it's worth, I'm in a 'hot' area and my application response rate is something like 3%. I've also had this bad luck where a lot of the larger companies I've been interviewing with have rejected me without giving a reason, and then a month or two later (or one time, the day after the onsite!), I'd see that they were having layoffs.

edit: and just as an aside, I'm a minority in tech, and I feel a bit like I'm more likely to get an interview (some recruiters have told me as much... wanting to increase diversity on their teams) while also more likely to get a "technical rounds were great, but not a culture fit" final decision.