Mortgage Rate Locks Up by 13.96%, Reports MCT – NMP Skip to main content

Mortgage Rate Locks Up by 13.96%, Reports MCT

Feb 05, 2024
rate locks for January 2024
News Director

Month-over-month growth in mortgage rate locks coincides with the Federal Reserve's interest rate stance, as market anticipates potential future changes.

After falling in the last two months of 2023, rate locks are up 13.96%, according to Mortgage Capital Trading (MCT). 

For the first time since June 2023, MCT observed month-over-month growth in total volume, purchase volume, rate/term refinances, and cash-out refinances. These figures come as the Federal Reserve has decided to maintain interest rates at their current level. 

“The recent decrease in mortgage rates and increase in refinance volume hasn’t yet made a meaningful impact compared to a year ago. However, we anticipate a shift in this scenario as we approach a potential Fed rate cut, unlocking the potential for increased refinance and total volume," MCT Chief Operating Officer Phil Rasori said. 

About the author
Christine Stuart is the news director at NMP.
Published
Feb 05, 2024
Jobs Report Comes In Weak After Mortgage Rates Surge

Employers added just 29,000 jobs in September, sending Treasury yields lower and offering a potential counterweight to the recent rise in mortgage rates

Oct 02, 2026
Price Cuts Hit Four-Year High As Mortgage Rates Top 7%

More than one in five listings took a price cut in September, but pending sales still posted their sharpest annual decline since March 2025

Oct 01, 2026
Serious Mortgage Delinquencies Rise 19% After Five Months Of Improvement

ICE data shows 574,000 mortgages were at least 90 days past due in August, while early-stage delinquencies remained below year-ago levels

Sep 29, 2026
Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Sep 25, 2026
Mortgage Rates Break 7% Just As Builders Find A Way To Move Buyers

New-home sales rose 6.4% in August as builders cut prices, offered incentives, and sold more lower-priced homes. Now mortgage rates are moving against buyers again

Sep 25, 2026
Borrowers Want Digital Closings, But Some Originators Remain Hesitant

ServiceLink finds 45% of surveyed LOs cite borrower reluctance as a barrier, even though most recent buyers say digital options would influence their choice of mortgage provider

Sep 23, 2026