General World News

Rate lock volume jumps 43%, reflecting a rate-sensitive market

Rate lock volume jumped 43% in March on the back of seasonal tailwinds, falling interest rates and stronger purchase market performance.

Lock volumes increased across the board, led by purchase locks jumping 44% in March — well above the 30% average February to March gain seen across the past 5 years, Black Knight’s originations market monitor report showed.

While purchase locks showed significant improvement month over month, the volume is 40% down compared to March 2022. 

Cash-out refis were up 31% in March from the previous month, and even rate/terms – which have been all but nonexistent lately details ⇒

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