Rate/term Refi

Purchase Locks Jumped In March As Rates Fell

Posted on by TMN Editor
Lock volumes increased across the board last month, with purchase locks seeing the greatest gains of any March in the past five years. Rate locks dollar volumes rose by 43% thanks to retreating rates and greater demand, according to Black Knight’s latest Originations Market Report. Rates fell by 24 bps by the end of the month, impacted by banking sector uncertainty. They are continuing to shrink moving into April, hitting 6.28% last week. “It is not unusual for rate locks to surge in March ahead of the spring homebuying season, although this year’s rise outpaced what we typically see on a seasonal basis,” said Andy Walden, vice president of enterprise research at Black Knight. Purchase locks were up 44% month-over-month…

Rate Lock Activity Rose In March

Posted on by TMN Editor
Rate lock activity rose in March as homeowners move before rates rise further, according to Black Knight’s latest Originations Market Monitor report. Mortgage rates exceeded 4.9% in March but dropped at the end of the month to 4.79%. The spread between mortgage rates and 10-year Treasuries climbed 20 basis points. “Mortgage interest rates spiked in March, with 30-year offerings climbing 70 basis points over the course of the month,” said Scott Happ, president, Optimal Blue, a division of Black Knight.  “And yet, despite seeing the fastest one-month rise in rates in nearly 13 years, we saw purchase lock volumes increase by 31% from February – likely as prospective buyers moved to lock in their loans before rates climbed any higher.”…