Rate Locks Break 9-Month Losing Streak
Black Knight’s Mortgage Origination’s Market Monitor confirms that the surge in rate lock volumes noted earlier in the month continued through the end of January. Overall rate lock volumes rose 32 percent over December levels, ending a nine-month long series of declines. The Jacksonville, Florida-based company had noted a modest rebound in purchase locks in its most recent Mortgage Monitor , but by months-end refinancing, both rate/term and cash-out were included in the gains.
“ Mortgage rates declined in January, continuing a trend that began in early November 2022,” said Kevin McMahon, president of Optimal Blue, a division of Black Knight. “Conforming rates dropped 36 basis points from where they were at the start of the year, and we saw that rates associated with those FHA/
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