Rate Locks Set New Record Lows

Rate lock volumes took a beating in December as buyers and sellers remained on the sidelines. Black Knight’s December Originations Monitor Report found that typical seasonal patterns, together with continuing inflationary pressures and elevated rates, resulted in record lows for locks of all kinds. “Using Black Knight’s McDash mortgage performance data to provide comparative history, December saw the fewest purchase locks in a single month since early 2014, and the fewest overall rate locks on record dating back to January 2000 when Black Knight began reporting origination metrics,” said Kevin McMahon, president of Optimal Blue, a division of Black Knight. Rate lock dollar volumes fell by 19.4% in December, their lowest level in the five years Optimal Blue has tracked…