Loan Lock Volumes Fall Below Pre-Pandemic Norms For 3rd Month Straight

Lock volumes dipped almost 10% from August, bringing them down 30% in the last three months and 60% YOY, according to Black Knight’s latest Originations Market Monitor. Purchase locks are 10.2% below pre-pandemic levels. This is the third straight month of lock activity below pandemic norms. The decline in locks coincides with interest rates rising 91 basis points in September to 6.72%, their highest point in 15 years. Refinances made up only 16% of September’s lock activity, a new low. Of that, most were cash-out refis, though they are also down 26.2% from August and 78% YOY.  Rate/term locks remained basically unchanged. They are down 93.3% YOY, suggesting they’ve hit a floor now. Purchase lending accounted for most of September’s…