General World News

Rate lock volume hasn’t been this low since December 2019

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 ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com