Purchase Locks Jumped In March As Rates Fell
Lock volumes increased across the board last month, with purchase locks seeing the greatest gains of any March in the past five years.
Rate locks dollar volumes rose by 43% thanks to retreating rates and greater demand, according to Black Knight’s latest Originations Market Report.
Rates fell by 24 bps by the end of the month, impacted by banking sector uncertainty. They are continuing to shrink moving into April, hitting 6.28% last week.
“It is not unusual for rate locks to surge in March ahead of the spring homebuying season, although this year’s rise outpaced what we typically see on a seasonal basis,” said Andy Walden, vice president of enterprise research at Black Knight.
Purchase locks were up 44% month-over-month…