Mortgage loan rate lock activity slips in May
Mortgage loan rate lock activity slips in May
Abstract
Total rate lock activity, an indicator of future mortgage originations, declined by 4.8% in May from April. Cash-out refi locks, a mortgage purpose that is driven more by the borrower's need for funds, were down by 11.9% from the prior month and by 42.2% versus one year prior. Refinancings for any reason were just 18% of May's rate locks. Locks for home purchase mortgages were down in May. FHA-insured mortgages and VA-guaranteed mortgage applications increased in May to 9.8.7% from 9.3% one month prior and 9.7 percent in May 2021.
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