Tagged: Mortgage Rate Locks

Black Knight data shows nonconforming loans helped overcome rate lock drop.

Overall activity fell 15% from January, and is down 54% from a year earlier.

Increase was first since March 2022, ending nine consecutive months of declines.

Volume increased across the board, lead by rate/term refis rising 124%.

Both Black Knight’s OMM report and MCTlive! Lock volume indices show a 90% decline in YOY volume. 

The volume of both rate/term and cash-out refi locks was down more than 86% YOY.

Rate lock volume is now down are now down 30% over the past three months and 61% YOY.

Year-over-year total lock volume fell 60.4% in October.

Year-over-year total lock volume falls by nearly 50%

Black Knight reports that overall rate-lock volume is down 57% year over year.