Mortgage rate locks across all categories dropped in May, according to research by MCT Data. Total rate lock volume year-over-year is down 29.5%. Rapid rises in rates have kept would-be borrowers on the sidelines in 2022, MCT reported. Purchase locks are now on the decline, down 1.78% month-over-month and 10.1% from a year ago. The increase in mortgage rates is also evident, as refinance volume continues to fall. Rate/term refinances are down 29.6% and cash out refinances are down 9% month-over-month.
MCT, the leader in capital markets software, announces MCTlive! Lock Volume Indices May 2022 Data
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MCTlive! Lock Volume Indices: May 2022 Data - Florida Newswire
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MCTlive! Lock Volume Indices: April 2022 Data announced by Mortgage Capital Trading, Inc (MCT)
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