Black Knight Inc.

Increase likely due to homebuyers moving to lock in loans as rates rose at fastest pace in 13 years.

Black Knight's First Look shows foreclosure starts fell 24% in February following January increase.

Refinance lending activity was down for the fifth consecutive month – falling to the lowest level in three years – and is now more than 80% off 2021 levels.

Year sees $1.2T in cash-out refis as homeowners tap $275 Billion in equity, a 16-year high.

Black Knight says that with rates rising to levels not seen since May 2019, millions of borrowers are losing 'rate incentive' to refinance.

Black Knight: it now takes 25.8% of the median household income to purchase the average-priced home with 20% down and a 30-year mortgage, the worst affordability levels since 2008.