Mortgage Lock Volumes Jumped 7% Last Month

Mortgage rate lock volumes jumped nearly 7% in May despite rates moving very little. Mortgage Capital Trading’s (MCT) latest report revealed that mortgage lock volume increased 6.78% month-over-month in May. Rates have been the primary influence on mortgage activity this year. MCT says the industry is monitoring economic data to see what decisions the Federal Reserve will make in the future. “The next couple of months will be key from a data standpoint as the Federal Reserve looks for a trend of inflation heading towards the goal of two percent. Considering the Nonfarm Payroll number that just came out, setting a trend is going to take more time,” said Andrew Rhodes, Senior Director and Head of Trading at MCT. “We’re…

June Lock Volumes Saw Boost

Mortgage originations saw a boost in June as summer turned the corner, according to new data from Mortgage Capital Trading. MCT’s Indices Report found that lock volumes increased by 31% last month, making up for a 15% decrease in May. “We saw originations towards the end of May slow down, so this is likely a summertime pickup in originations,” said Andrew Rhodes, Senior Director and Head of Trading at MCT. “Rates, housing supply, and affordability will continue to be the forces behind the lack of new originations.” Year-over-year locks were down nearly 8%, however. Rhodes noted that the Federal Reserve’s decisions will impact lock volumes going forward. If the Fed follows through on two additional rate hikes this year, mortgage…