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May Rate Locks Rise Slightly But Stay Slow

Average daily rate lock volumes increased by 4% in May from the previous month, according to Black Knight’s latest Mortgage Monitor report. So reports The Capitolist.

Black KnightWhile rate lock volumes rose 14% overall on the month, that was due to two extra business days. Purchase locks represented their highest share on record, at 88%, but they were still off 37% from a year ago and 29% from 2019.

“While May was an improvement over April, mortgage lending remains constrained, to say the least,” said Andy Walden, vice president of enterprise research and strategy at Black Knight.

Read the full article from The Capitolist.

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