SAN DIEGO, Calif., Sept. 4, 2024 (SEND2PRESS NEWSWIRE) — Mortgage Capital Trading, Inc. (MCT®), the de facto leader in innovative mortgage capital markets technology, announced today a 3.33% increase in mortgage lock volume compared to the previous month. Despite a larger increase in rate/term volume, total mortgage volume remains relatively flat.
Image caption: MCT Reports a 3% Increase in Mortgage Lock Volume.
A recent quarter-point drop in conventional 30-year and government 30-year mortgage rates has triggered an increase of 103.19% in refinance activity compared to the previous month. This surge has helped stabilize overall production levels as total volume remains low, especially when compared to 2020 and 2021. Notably, the year-over-year comparison shows a moderate increase of about 21% in total volume, also driven by a dramatic rise in refinances over the previous year.
Industry experts suggest that many lenders may be pricing in the potential rate cuts expected during the upcoming Federal Reserve meeting.
Andrew Rhodes, Senior Director and Head of Trading at MCT, offered insights into the current market landscape: “We could see additional short-term market volatility as the Fed considers a 25 or 50 basis point rate cut. Friday’s Nonfarm Payroll Report will provide further clarity on that decision.”
Industry professionals and market enthusiasts are encouraged to download the full report from MCT for a comprehensive analysis of these market dynamics.
MCT’s Lock Volume Indices present a snapshot of rate lock volume activity in the residential mortgage industry broken out by lock type (purchase, rate/term refinance, and cash out refinance) across a broad diversity of lenders (e.g., sizes, products/services offered, business models) from MCT’s national footprint.
For a deeper analysis of these trends, download MCT’s full report: https://mct-trading.com/press-release/mct-reports-3-percent-mortgage-lock-volume-increased-refinance-activity/
About MCT:
For over two decades, MCT has been a leading source of innovation for the mortgage secondary market. Melding deep subject matter expertise with a passion for emerging technologies and clients, MCT is the de facto leader in innovative mortgage capital markets technology. From architecting modern best execution loan sales to launching the most successful and advanced marketplace for mortgage-related assets, lenders, investors, and network partners all benefit from MCT’s stewardship. MCT’s technology and know-how continues to revolutionize how mortgage assets are priced, locked, protected, valued, and exchanged – offering clients the tools to perform under any market condition.
For more information, visit https://mct-trading.com/ or call (619) 543-5111.
MEDIA CONTACT:
Ian Miller
Chief Marketing Officer
Mortgage Capital Trading
619-618-7855
pr@mctrade.net
MULTIMEDIA:
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NEWS SOURCE: Mortgage Capital Trading Inc.
This press release was issued on behalf of the news source (Mortgage Capital Trading Inc.), who is solely responsible for its accuracy, by Send2Press Newswire.
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