Today, in the Calculated Risk Real Estate Newsletter: Black Knight Mortgage Monitor: Purchase Rate Locks “are now running 39% below pre-pandemic levels”
A brief excerpt:
Black Knight on purchase rate locks:
• Rate locks have slumped in response to the highest mortgage rates in more than 20 years, as the 30-year conforming topped 7.27% and 30-year jumbo offerings climbed above 7.4% on August 21
• Purchase locks are now running 39% below pre-pandemic levels – among the steepest deficits we’ve seen so far this year
• With home affordability having its tightest point since the early 1980s, demand is likely to remain subdued in the near term
emphasis added
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