Mortgage Rate Lock Volume Surged In March

Halfway through April, the housing industry continues to be incredibly rate-sensitive, though mortgage rate lock volume surged 43% in March, which exceeded the typical spring increase.

According to Black Knight’s Originations Market Monitor report for March 2023, the increase was led by a sharp month-over-month rise in purchase locks — up 44% — as well as increases in cash-out refinances (+31%) and rate/term refiances (+36), which had been hovering near historic lows. The month-over-month increase in purchase locks was well above the 30% average February-to-March gain seen across the past five years, Black Knight said.

March National Stats:

  • Rate Lock Volume: Purchase locks jumped 44%, cash-outs rose 31%, and even rate/term refis surged 36%
  • Markey Mix: 87% Purchase, 13% Refinance
  • Average Loan Amount: $355,000. The average loan amount rose by $6,000 in March.
  • Month-End Conforming Rate: 6.4%. Mortgage market indices tracked a 28 bps drop in 30-year rate offerings throughout March.

Click here to view the full details. 

Stay informed in
our Learning Center

Visit Learning Center

Possibility starts here.
Get approved for your mortgage.

It may be hard to believe, but in just a few clicks, a new home or mortgage savings could be yours. Whether you’re looking for a rate that works for you or searching for your local branch, there’s no commitment. Get started today!