Posted To: MND NewsWire
Black Knight says rate locks declined 5.9 percent in October on top of a 10 percent decrease in September. Purchase mortgage locks and those for cash-out refinances were a wash last month, the former were up 0.4 percent for the month and the latter dipped 0.3 percent. However, locks for rate/term refinances decreased 23 percent and were 63 percent lower than in October 2020. Those results, of course, were due to the rise in interest rates. Black Knight says its daily interest rate tracker showed a 6-basis point increase in the conforming rate in October to 3.27 percent at month’s end and 30 basis points in growth over the last three months. Rates on FHA and VA loans jumped roughly 15 basis points over the month, while jumbo mortgage offerings continued to rise at a slower rate and are now 10…(read more)
