As mortgage interest rates crept back up in August after retreating the previous month, rate lock volume dipped to a four-year low.
Total lock volumes were down 8.9% from July, led by a 13.9% decline in rate/term refinance locks, according to Black Knight’s originations market monitor report. Rate/term refi locks dropped 94.5% year over year.
Cash-out refi locks fell by 8.9% from July and declined by 72.2% from the same period in 2021. While the purchase share of the market remained the same from July at 82%, volume fell by 14.3% from the previous month.
“Mortgage originators continue to feel the details ⇒
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