Rate Sensitive Borrowers Are Causing Rate Lock Volume To Jump 43%. Are Borrowers About To Go Into Panic Mode?
Rate lock volume jumped 43% in March. Some experts say this is due to market conditions.
Lock volumes increased across the board. This was led by purchase locks jumping 44% in March. This was above the 30% average February to March gain seen across the past 5 years.
Purchase locks showed significant improvement month over month. However, volume is down 40% compared to March 2022.
Cash-out refinance were up 31% in March from the previous month. Rate/terms grew by 36% from the same period last year.
Cash-out refinance were down 80% and rate/term refinances declined 71%.
In early March, originations faced pronounced downward pressure as mortgage rates climbed toward 7%.
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