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Despite Plateau In Rate Increases, Mortgage Originations Fell Again In May

Despite the increase in mortgage rates hitting a plateau, rate-lock volume continued to slide in May, with declines seen across all loan types, according to a monthly report from Black Knight. The software, data, and analytics company today released its Originations Market Monitor report for May, analyzing daily rate-lock data from Black Knight’s Optimal Blue PPE a widely use mortgage pricing engine which the company claims provides the earliest and most comprehensive view of origination activity.

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Black Knight s Optimal Blue Introduces Lead-Quoting API for Lenders

Black Knight s Optimal Blue Introduces Lead-Quoting API for Lenders
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Refinancing Rate Locks Fall to a 20 Percent Share

Black Knight says the steep ascent of mortgage rates, the 30-year conforming jumped 63 basis points in April, was matched by a sharp drop in rate lock activity. Overall volumes were down 20 percent from March, driven by a 50 percent decline in rate/term refinance activity. Cash-out refinancing fared little better. Homeowners appear unwilling to sacrifice their record-low rate existing first mortgages, seeking instead to access equity by way of home equity lines or second mortgages. Cash-out rate locks fell by 40 percent from March. The combined decline in refinance locks pushed the refi share of the market down to just 20 percent. It was the lowest share in Black Knight’s records which originated in January 2018. The company’s Optimal Blue Product and Pricing Engine (OBPPE) recorded an 11 percent decline in purchase mortgage rate locks but they remained largely unchanged from the prior April, indicating consistent and resilient homebuying demand. Government-bac

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Refi rate-locks fell to January 2018 low in April

But purchase activity reflected “resilient” consumer demand during the month, and first-time homebuyer loans gained market share, according to Black Knight.

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Mortgage rate locks tumble amid sharp rate rise

Fewer buyers rushed to lock mortgages last month amid a rapid climb in long-term mortgage rates, reports from MCT and Black Knight showed.

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