According to Optimal Blue Mortgage Market Indices, rate lock volumes were down 22% in April on a month-over-month basis, or only 10% when adjusting for the month having three fewer business days than in March.
Andy Walden, vice president of enterprise research at Black Knight, said in a statement that homebuyers may have been holding out for a further decline in mortgage rates. Lack of inventory was also a factor, he said.
