Overall rate locks fell 4.7% in November compared with October, driven by a 9.4% drop in rate/term origination activity, according to Black Knight’s latest Originations Market Monitor report.
It was the third consecutive monthly decline in overall origination volume, bringing it to its lowest level since February 2020, prior to the onset of the pandemic.
Playing a key role was volatility in mortgage interest rates, which rose and fell during November.
“While 30-year rates
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