Rate lock activity fell for the second month in July as mortgage rates topped 7% for the first time since November 2022.

Overall rate lock volume was down 7% month over month, with purchase lending accounting for 88% of total lock activity, according to Black Knight‘s originations market monitor report. 

Even so, purchase lock counts were down 27% year over year and 35% compared to 2019 pre-pandemic levels, as high-interest rates and persisting low inventories dampened demand.

The 30-year conforming rates crossed 7% details ⇒

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