Home News Mortgage Rate Locks Are Down a Whopping 57 Percent From a Year Ago – Mish Talk

Mortgage Rate Locks Are Down a Whopping 57 Percent From a Year Ago – Mish Talk

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Black Knight Mortgage Monitor

Please consider Black Knight Mortgage Monitor August 2022 Review.

Main details

  • Volumes continued to decline across the board as origination markets adapted to new interest rate pressures and continued affordability challenges.
  • Overall, locks decreased by 57.1% year-on-year.
  • Lock purchases, which currently account for 82% of volume, were down 8.7% in August (28.2% year-on-year).
  • Purchase locks have decreased by 30.2% over the past three months.
  • Rates/term locks were down 13.9% in August, and cash outs were down 8.9%, although they were somewhat subdued early in the interest rate cycle.

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