Black Knight Originations Market Monitor: Despite Rates Holding Steady Near Historic Lows in May, Locks Down Across All Mortgage Products, Particularly Rate/Term Refinances
JACKSONVILLE, Fla., June 14, 2021 /PRNewswire/ --
- Inventory challenges in the real estate market appear to be putting downward pressure on purchase lending, while refinance activity continues to be constrained despite historically low interest rates
- Overall rate lock volume was down
- The average loan amount in May was up
- Though the number of high-quality refi candidates grew from 12 to over 14 million from March through May – a
- On an annual basis, whereas both cash-outs (+
- As such, the refinance share of the market mix dropped again in May, accounting for just
- Black Knight's OBMMI daily interest rate tracker showed May's month-end average conforming 30-year rate at
Today, Black Knight, Inc. (NYSE:BKI) announced the release of its latest Originations Market Monitor report, looking at mortgage origination data through May 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.
"Though interest rate offerings trended downward across all mortgage products in May, overall rate locks were still down across the board," said Black Knight Secondary Marketing Technologies President Scott Happ. "The severity of shortages in for-sale inventory seems to be a key driver behind the
The month's pipeline data showed that overall rate locks were down
"As interest rates declined from March through May, refinance incentive rose by
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 May's origination activity can be found in the full Black Knight Originations Market Monitor Report.
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/.
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SOURCE Black Knight, Inc.