General World News

Purchase lock counts drop to 9-year low as Fed signals more rate hikes

The Federal Reserve‘s signals indicating further rate hikes for 2023 appear to have scared buyers away from the market in December. Last month tallied the fewest purchase lock counts in a single month since early 2014 as interest rates and affordability pressures challenged the market. 

Mortgage origination activity dropped 19.4% from November to December, marking nine consecutive months of declines. The drop was led by purchase locks, which declined 20.5%, according to Black Knight‘s originations market monitor report. Rate/term refis dropped 11.2% and cash-out refis were down 14.1%, with total refinance locks making up 16% of overall activity details ⇒

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