Mortgage rate lock volume declined 20% in September due to a seasonal decline in purchase activity and rising interest rates. This decline follows recent increases in August and July.

Rising interest rates are the main driver of the decline in mortgage rate lock volume. The average 30-year fixed mortgage rate increased to 4.6% in September, up from 4.54% in August. This is the highest mortgage rate since May 2019.

The decline in purchase activity is likely due to the seasonal nature of the housing market. September is typically a slower month for home sales as buyers and sellers alike take a break from the summer heat.

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