Black knight originations market monitor: mortgage activity falls as rates hit two-decade high amid seasonal headwinds

According to the optimal blue mortgage market indices, 30-year conforming rates climbed above 7.25% in august, the highest level in more than 20 years, before settling to 7.07% at the end of the month overall rate lock volumes were down for the third consecutive month, falling 1.5% from july, driven by a 1.9% decrease in purchase volume purchase lock counts were down 22% year over year and 34% compared to 2019 pre-pandemic levels, as higher interest rates and the tightest affordability since the early 1980s dampened demand as reported in black knight's august mortgage monitor report, signs of credit tightening have been seen in rising down payments, falling loan-to-value ratios and higher credit scores average purchase price edged lower for the second straight month to $450k, with an average loan amount of $352k in august the average credit score among primary residence purchase locks dropped slightly for the first time since november 2022, but remains close to an all-time high the share of adjustable-rate mortgages (arms) continued to fall, dropping to 6.56% of august's lock activity, as rate offerings for such products continue to be less competitive against fixed products jacksonville, fla. , sept. 11, 2023 /prnewswire/ -- today, black knight, now a part of intercontinental exchange (nyse:ice), announced the release of its latest originations market monitor report, looking at mortgage activity through august 2023 month-end.
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