MCT: Mortgage Lock Volume Declines By 13.71% Despite Falling Rates

Jan 19, 2024

News Director

MCT's recent data reveals a drop in mortgage lock volume, with refinances showing only a modest increase despite lower rates, while seasonal trends and purchase market challenges continue.

Mortgage Capital Trading, Inc., MCT, found a 13.71% decrease in mortgage lock volume in December compared to the previous month.

Despite the recent decline in mortgage rates, refinances have seen only a modest uptick, falling short of significantly impacting overall mortgage volume. According to the report, seasonal trends, coupled with challenges in the purchase market, have overshadowed the potential benefits of a full percentage point decrease in rates.

"Softening purchase prices, combined with a further drop in rates, could stimulate both purchases and refinances. However, we anticipate that the purchase market's seasonal lows will persist through Q1," MCT CEO Phil Rasori said.

MCT's Lock Volume Indices offer a snapshot of rate lock volume activity in the residential mortgage industry, segmented by lock type (purchase, rate/term refinance, and cash-out refinance).

Mortgage Rate Locks

Mortgage Capital Trading

About the author

Christine Stuart

News Director

Christine Stuart is the news director at NMP.

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Jan 19, 2024

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