Black Knight reports that rate locks, as measured by the company's Market Volume Index, declined 4.7 percent from October to November. Those for refinancing dropped by 9.7 percent even as interest rates remained fairly stable while purchase locks were down 3.9 percent. The total index, at 240, is 20.1 percent lower than in November 2020. The year-over-year changes are lop-sided. Purchase locks in November decreased 12.6 percent while refinancing fell 65 percent compared to November 2020, a point at which interest rates on the various loan products were 31 to 58 basis points (bps) lower. Forty-five percent of originations in November 2021 were for refinancing as both rate and term and cash-out volume fell. The company's Originations Mortgage Monitor notes, "With interest rates climbing and more