Mortgage rates were on a declining trend in November despite the Federal Reserve‘s efforts to tame inflation — but lower rates haven’t been enough to convince home buyers to lock in their mortgages rates in this volatile market.

Rate lock dollar volume was down 21.5% month over month in November, remaining at the lowest level since February 2019, according to Black Knight‘s originations market monitor report. Overall lock volumes are now down 39% over the past three months and down by 68% compared to last year’s level.

The decline was driven across the board by purchase locks, which were down 22%, reflecting details ⇒

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