Rate Lock Volume Jumps 43 Percent

Rate Sensitive Borrowers Are Causing Rate Lock Volume To Jump 43%. Are Borrowers About To Go Into Panic Mode?

Rate Lock Volume

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%. 

Read More At LenderMeltdown.com

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