As mortgage rates rose more than 90 basis points to finish September at 6.72%, overall rate lock volumes predictably fell sharply – down 10% from August and almost 60% off levels from 2021. 

Falling rate lock dollar volume was driven by a 26.2% drop in cash-out refinance locks in September from the previous month, which is now down 78% from the same period in 2021, according to Black Knight’s originations market monitor report. Rate/term locks, which had been falling precipitously in recent months, marginally declined 0.1% from August but was down 93.3% from details ⇒

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