Overall mortgage rate lock took a hit in May, led by a drop in refinance activity, both for rate-term refis and cash-outs. In a higher rate environment, lenders were more reliant on the purchase market for origination volumes.

Rate locks were down 4.8% last month, according to Black Knight’s monthly mortgage originations market report. Purchase locks, which are not as rate-sensitive as refinancings, accounted for 82% of the entire share of rate locks in May, the largest slice since Black Knight’s Optimal Blue began tracking the data in 2018. 

Mortgage rates, measured by Black details ⇒

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