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Good morning. Today is Monday, May 9th, and I'm your host Julie Morgan.

Our top stories, mortgage rates, hospital prices, and Lockheed Martin.

Mortgage rates continue to climb, but how did that affect rate-lock volumes in April?

Hospitals are looking at raising rates.

This is to offset what expense.

And Lockheed Martin wants to increase the output of weapons, which one and by how much.

Let's talk about it.

According to Black Knight's Originations Market Monitor report,

Rate Lock Activity dropped in April,

which reflects concerns over home affordability.

This happening as long-term mortgage rates increased.

Rate-lock volumes went down 20% month over month in April, year over year remained flat.

Black Knight says this reflects consistent and resilient demand from homebuyers.

There was also a 50% decline in rate term refi activity.

The company says this is not surprising, but why?

Because half of all mortgage holders have current lien rates below 3.5%. Cash out refi locks were down 40% in April. Homeowners are looking for

alternatives to access home equity without sacrificing their historically low first lien mortgage rates.

Black Knight says rate term refies drifted down 15.4% more last a month.

The National Association of Realtors recently released that 70% of metro areas experience

double-digit home price gains in Q1 and prices for existing single family homes in the U.S.

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