Brennan O’Connell

Homebuyer Credit Scores Hit Multi-Year High

Posted on by TMN Editor
Average homebuyer credit scores soared to their highest point since 2018 in March, according to Optimal Blue’s March 2024 Originations Market Report. The average score hit 737, an all-time high in Optimal Blue’s data, which dates back to January 2018. Scores for FHA borrowers also hit 6-year highs, clocking in at 677 in February and 676 in March. VA and conforming loan scores soared to highs not seen since 2021. “Driven by rising interest rates and home prices, we’re witnessing the highest average homebuyer credit scores in years,” said Brennan O’Connell, director of data solutions at Optimal Blue.  “This unprecedented level of creditworthiness among purchasers is largely a result of the affordability issues borrowers face in today’s housing market, with…

Purchase Locks Rose At The Start Of Spring Buying Season

Posted on by TMN Editor
Mortgage purchase locks increased at the start of the spring homebuying season despite ongoing challenges, setting the stage for more activity. Rate lock volume increased by 5% from January to February despite rising rates, leading to a net rise in origination activity, according to Optimal Blue’s latest Originations Market Monitor report. Purchase activity drove the surge, climbing 8.3% from January and buoying the numbers even as refinances tanked. Purchase lock counts were up 7% from the month prior but decreased 7% YOY. It is the smallest such decrease since the Federal Reserve began its inflation fight in March 2022. Rate/term refis were down 22.5% month-over-month, while cash-outs dipped by 3.1%. All in all, 86% of last month’s originations were purchase…