According to the latest data from Black Knight, despite slight rate drops, loan locks in April fell to levels not seen since the start of the pandemic. (BK)
- Overall rate lock volume was down 11.3% in April 2021 when compared to March.
- Specifically, purchase locks were down 6%, cash-outs were down 13%, and rate/term refinance locks fell 20%.
April’s volume was the lowest level we have seen since May 2020.
Black Knight Secondary Marketing Technologies President Scott Happ said in a statement that this development was expected, but that the ride might not be over either. “…rates are still hovering in a historically comfortable place, with approximately 14.5M homeowners who could still likely qualify for and benefit from a refinance. It will be interesting – and telling – to see both how rates move in the coming weeks, and whether or not we see refi volumes increase as a result.”