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Rate Locks Drop During Prime Homebuying Season: Black Knight

Friday, Jun 09 2023
Lending
Written by  The Mortgage Leader

Declines in purchase rate lock volumes have continued into what ought to have been the core of the spring homebuying season, according to Black Knight’s latest Mortgage Monitor Report. So reports MortgageOrb.

Black KnightBlack Knight vice president of enterprise research Andy Walden said that purchase locks for the week ending May 20 were 11% below their levels for the week ending March 25.

Purchase locks have fallen from 15% below pre-pandemic volumes when interest rates were lower in mid-January and mid-March to more than 30% below, according to Walden, who said, “Demand is obviously suffering.”

Read the full article from MortgageOrb.

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