Funded Mortgage Volume Up 7% Annually In April

In April, funded mortgage volume across all channels rose 7% year over year, and 10% month over month, according to a report by Curinos, a data analytics provider.

Funded volume across all channels hit $45 billion in April, up from $41 billion in March and $42 billion during the same period last year. Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures.

Funded volume increased 1% year over year and 8% month over month in retail channels.

This growth in loan volume occurred against a backdrop of rising interest rates. The average 30-year conforming retail funded rate was 6.94% in April, eight basis points higher than March and 71 basis points higher than April 2023.

Purchase rates were nine basis points higher month over month and 46 basis points higher year over year, while refinance rates were 12 basis points and 126 basis points higher, respectively.

The share of retail locks for investment and second-home purchases delivered to the GSEs were down roughly 100 basis points from peaks in February.