As we look at the mortgage industry, purchase locks remain a dominant factor in total lock activity. Currently, activity represents about 88% of the overall lock count. Unfortunately, purchase locks are down 27% in the year to date compared to the same period last year.
This data shows that primary residence financing still plays a major role in the mortgage industry. That said, lower buying activity has impacted the total amount of purchase locks – as we can surmise from the data. Nevertheless, the industry needs to continue to evolve in order to adequately meet the financing demands of potential buyers.
Most important elements of the text:
• Purchase locks associated with 88% total lock count
• Purchase lock down 27% year over year
• Primary residence financing still major role
• Industry needs to meet financing demands of buyers
You can read this full article at: https://www.housingwire.com/articles/rate-lock-activity-declined-sharply-in-july-as-rates-exceeded-7/(subscription required)
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