Mortgage origination activity rose last month despite rapidly rising mortgage rates as prospective buyers sought to lock in their loans.

Overall origination activity jumped 19% in March from the previous month, led by a 31% increase in purchase loan locks, according to the monthly Mortgage Monitor report from Black Knight. While cash-out refinance activity, which has been somewhat insulated due to strengthening home values, rose a mere 1.6% in March from February, rate-term refi originations fell 15.4% during the same period.

Despite seeing the fastest one-month 30-year mortgage rate rise in nearly 13 years, an details ⇒

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