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Nearly 90% of recent mortgages originations were purchase loans

The housing market, which is facing challenges with mortgage rates, affordability, prices and inventory, hasn’t been this purchase-dominant in decades, according to Black Knight’s originations market monitor report. 

Today, nearly nine out of every 10 mortgages originated is a purchase loan, the report notes.

Last month, purchase locks accounted for 88% of the market mix, marking a record high. Rate lock activity was up 14% in May, but the bulk of the increase is attributed to the month having two more business days than April, according to Black Knight.

Adjusting for the difference, daily details ⇒

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