Black Knight Originations Market Monitor: Rate Lock Volume Falls 10% in September as Interest Rates Rise; Rate/Term Refinance Locks Drop Another 19%
Black Knight, Inc. (NYSE:BKI) released its September 2021 Originations Market Monitor, indicating a notable 9.7% decline in overall rate locks compared to August, primarily driven by an 18.7% drop in rate/term refinance activity, which has fallen 57.2% year-over-year. The average 30-year mortgage rate rose to 3.2%, contributing to decreased origination volumes. Despite this, pull-through rates improved for both purchase and refinance loans. Non-conforming and FHA/VA products gained market share amid these trends.
- Pull-through rates for purchase and refinance loans increased.
- Non-conforming and FHA/VA loan products gained market share.
- Overall rate locks fell 9.7% from August.
- Rate/term refinance locks dropped 18.7% in September.
- Rate/term refinance lending decreased 57.2% year-over-year.
- Overall refinance share of the market fell below 50%.
JACKSONVILLE, Fla., Oct. 11, 2021 /PRNewswire/ -- Today, Black Knight, Inc. (NYSE:BKI) announced the release of its latest Originations Market Monitor report, looking at mortgage origination data through September 2021 month-end. Leveraging daily rate lock data from Black Knight's Optimal Blue PPE – mortgage lending's most widely used pricing engine – the Originations Market Monitor provides the industry's earliest and most comprehensive view of origination activity.
"According to our OBMMI daily interest rate tracker, interest rates rose throughout much of September, with the average conforming 30-year offering climbing 16 basis points to hit
The month's pipeline data showed that overall rate locks were down
"We've noted the 'psychological threshold' of sub
Each month's Originations Market Monitor provides high-level origination metrics for the U.S. and the top 20 metropolitan statistical areas by share of total origination volume. Much more detail on September's origination activity can be found in the full Black Knight Originations Market Monitor report located here.
About Black Knight
Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.
Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serving their customers. For more information on Black Knight, please visit www.blackknightinc.com/.
For more information:
Michelle Kersch
904.854.5043
michelle.kersch@bkfs.com
Mitch Cohen
704.890.8158
mitch.cohen@bkfs.com
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SOURCE Black Knight, Inc.
FAQ
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