Purchase, Cash-Out Rate Locks Rose In January
Overall rate locks rose 9.5% month-over-month in January, with a 19.9% increase for purchase loans and a 9.2% increase for cash-outs, Black Knight reported in its Originations Market Monitor. Rate/term refinance locks dropped for the fifth month straight, down 16.5% to its lowest level since May 2019. It is an 80% decline YOY. The refinance…