– In August, rate lock volume continued its decline for the third month in a row, falling 1.5%.
– This is amid mortgage rates peaking at the highest level in over 20 years.
– The decline in rate lock volume indicates that fewer borrowers are locking in rates as they shop for mortgages.
– This may be due to borrowers waiting for rates to fall again or to see if they qualify for a government-backed mortgage program.

You can read this full article at: https://www.housingwire.com/articles/rate-lock-volume-plummets-in-least-affordable-housing-market-in-40-years/(subscription required)

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