Tag Archives: Rate/term locks

According to Mortgage Capital Trading, rate/term refinance volume was down 21.88%, cash-out refinance volume was down 21.77%, and lock activity in total was down 15.87% in total compared to April.

Overall rate lock volumes rose 14% in May from the prior month, but that number is still down 38% year-over-year and 29% compared to pre-pandemic numbers.

Rate lock dollar volumes jumped 43% month-over-month in March, driven by seasonal tailwinds, falling interest rates, and stronger purchase market performance, according to Black Knight.