General World News

As the mortgage market went haywire, rate locks fell by 11%

Just how bad was the mortgage market in June, when rates climbed north of 6%? Rate locks fell across all loan types last month, and were down 11% overall from May, according to Black Knight.

The company’s monthly mortgage originations report also revealed that 82% of locks in June were purchases, the lowest share of refis since the company began tracking data in 2018.

June’s data represents how interest rate-dependent the originations market has become, said Scott Happ, president of Optimal Blue, a division of Black Knight.

“With 30-year rates hovering below 6% – still details ⇒

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