Interest Ratesd

Home shoppers following rates closely jumped on retreating rates in March, giving the spring buying season a boost. Black Knight’s March 2023 Originations Monitor showed that rate lock dollar volume exploded in March, up 43%, as rates retreated due to economic uncertainty. Lock volumes rose in all categories. Purchase locks were up 44% month-over-month, significantly higher than its average of 30% across the last five years. “This continues to be an incredibly rate-sensitive housing market, and March’s rate lock activity perfectly illustrates this dynamic,” said Andy Walden, vice president of enterprise research at Black Knight.  He explained that rates were inching up at the beginning of the month, but came down later in March due to banking sector turmoil. “The…