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.
