Lock Dollar Volumes Up As Non-Conforming Loans Surge
Non-conforming loans pushed rate lock dollar volumes up in February as homebuyers struggle to handle high rates.
While conforming, FHA, and VA loans all lost some share of the market last month, non-conforming loans increased across the spectrum, snagging 12.2% of the market, Black Knight reported in its latest Originations Market Monitor report.
Jumbo loans saw a boost last month as high interest rates made GSE products less attractive. Dollar volume flew up as a result, though locks fell.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances was 6.49% last week, while the conforming rate was 6.79%. Conforming rates finished the month 52 basis points above January’s levels.
Adjustable rate mortgages saw gains, accounting for…