Overall rate locks were up 1.3% in August compared with July, driven by a 7.6% increase in cash-out refinance activity, according to Black Knight’s Originations Market Monitor.
The increase put cash-out refinance lending up more than 41% during the last three months.
What’s more, cash-out refinancing was up 30% compared with August 2020.
The increase in cash-out activity was enough to push the overall refinance share of the market mix back above 50% for