Loan Locks Fall in April

According to the latest data from Black Knight, despite slight rate drops, loan locks in April fell to levels not seen since the start of the pandemic. (BK)

  • Overall rate lock volume was down 11.3% in April 2021 when compared to March.
  • Specifically, purchase locks were down 6%, cash-outs were down 13%, and rate/term refinance locks fell 20%.

April’s volume was the lowest level we have seen since May 2020.

Black Knight Secondary Marketing Technologies President Scott Happ said in a statement that this development was expected, but that the ride might not be over either. “…rates are still hovering in a historically comfortable place, with approximately 14.5M homeowners who could still likely qualify for and benefit from a refinance. It will be interesting – and telling – to see both how rates move in the coming weeks, and whether or not we see refi volumes increase as a result.”