Purchase Locks Jumped YOY In April

Purchase mortgage lock counts rose year-over-year for the first since March 2022 in April, an encouraging sign in the tough homebuying environment. Optimal Blue’s April 2024 Originations Market Monitor report revealed that purchase locks were up 5% YOY last month, the first increase since the Central Bank hiked rates two years ago. Optimal Blue chalks the boost up to this year’s spring buying season. Total monthly rate locks rose 8.7%, driven by an 11% jump month-over-month. “Purchase lock counts are a key market indicator as they control for changes in home prices and more volatile refi activity, so the year-over-year increase in April is a particularly encouraging sign that mortgage production may be turning a corner,” said Brennan O’Connell, director…