Spring homebuying season saw a 5% increase in mortgage locks despite rising rates, with purchase activity up 8.3%.
The spring homebuying season saw a jump in purchase mortgage locks despite rising interest rates, according to Optimal Blue's February Originations Market Monitor report. Rate lock volume rose 5% from January, driven by an 8.3% increase in purchase activity. Despite the uptick in purchase applications, refinancing activity declined, with rate-and-term refis falling by 22.5% and cash-out loans decreasing by 3.1%. Overall, 86% of originations in February were purchase mortgages, while refinances accounted for 14%.
March 11, 2024
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