Black Knight Inc. new Originations Market Monitor report, which looks at origination data through May 2021, shows that overall rate locks were down 4.7% from April, with a more pronounced 8.2% decline in rate/term refinance locks.
The refinance share of the market mix dropped again in May, accounting for just 44% of the month’s origination activity.
And on an annual basis, only rate/term refinance lending is down from last April (-45%), whereas both cash-outs