Lock Volume Down As Rates Rise
Total mortgage lock volumes fell 11% in May across all types of loans as rising rates kept buyers out of the market, according to Black Knight’s June Originations Market Monitor. Locks volumes fell across the spectrum, with rate/term and cash-out refinances down 9% and 13%, respectively, while purchase loan locks fell 11%. “This continues to be a challenging environment for mortgage originators,” said Scott Happ, president of Optimal Blue, a division of Black Knight. “Rate lock activity was down for the third consecutive month in June, with declines seen across all loan purpose types. Purchase mortgages – which currently account for 82% of all lock activity – fell 11% by volume from May and are now down nearly 16% from…