Rate Lock Volumes Slipped In July As Rates Surged

Rate lock volumes sank in July as mortgage rates exceeded 7% for the first time since November 2022. Black Knight’s Optimal Blue Mortgage Market Indices for July found that 30-year conforming rates cross 7% early in the month before bouncing down and up again, ultimately ending the month at 6.88%. In line with rising rates, lock volumes dipped 7% from June. “While they moved around a bit in July, there was no escaping the fact that conforming 30-year rates topped 7% in July for the first time since they spiked last fall,” said Andy Walden, vice president of enterprise research and strategy at Black Knight. “On both a practical and psychological level, that put further downward pressure on mortgage demand.…

Morning Roundup (12/14/2021)– Rate Lock Volume Down, Rental Rates Influenced By Migration

Good Morning! Today is Tuesday, December 14. Members of the Federal Open Market Committee begin their two-day policy-setting meeting today. Larry Nassar’s victims reached a $380 million settlement. The Supreme Court turned down emergency requests by New York healthcare workers for a religious exemption from state requirements to vaccinate against Covid-19. And in mortgage and housing news… Rental Rates Skyrocket: More than a quarter of the states in the country have experienced a rental price increase of 20% or more in 2021 and a senior research analyst says people moving out of cities and into more rural communities are partially to blame. November 2021 Originations: Rate lock volume fell 4.7% month-over-month in November, Black Knight’s latest Originations Market Monitor report…