Rate lock volume has dropped by more than 60% over the past 12 months as it struggles under the weight of high mortgage rates, which closed out October at 7.06%. Amid the surging rates, the refinance market is nearing the bottom.

The decline in rate lock volume was driven by a 25.1% decline in cash-out locks from September and an additional 15.7% drop in rate/term refi, according to Black Knight’s origination market report.

“With interest rates now at their highest level in 20 years, the refi market is rapidly approaching a bottom,” Scott Happ, president of Optimal details ⇒

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