The spring homebuying season kicked off with a monthly jump in purchase mortgage locks despite rising interest rates. 

Rate lock volume rose 5% from January to February due to a notable 8.3% increase in purchase activity, data from Optimal Blue’s Originations Market Monitor report showed.

The rise in purchase activity outpaced the decrease in refinancing activity, which fell by 22.5% for rate-and-term refis and by 3.1% for cash-out loans. 

Overall, 86% of originations in February consisted of purchase mortgages, with refis accounting for 14%. 

Purchase lock counts, which control for changing home prices, rose 7% from details ⇒

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