Black Knight says rate locks declined 5.9
percent in October on top of a 10 percent decrease in September. Purchase
mortgage locks and those for cash-out refinances were a wash last month, the former were up 0.4 percent for the month
and the latter dipped 0.3 percent. However, locks for rate/term refinances decreased
23 percent and were 63 percent lower than in October 2020.
Those results, of course, were due to the
rise in interest rates. Black Knight says its daily interest rate tracker
showed a 6-basis point increase in the conforming rate in October to 3.27 percent
at month’s end and 30 basis points in growth over the last three months. Rates on FHA and VA loans jumped roughly 15 basis points
over the month, while jumbo mortgage offerings continued to rise at a slower
rate and are now 10 basis points below conforming rates.