SAN DIEGO, Calif., Dec 18, 2023 (SEND2PRESS NEWSWIRE) — Mortgage Capital Trading, Inc. (MCT®), a leading mortgage hedge advisory and secondary marketing software firm, today announced a 10.7% decrease in mortgage lock volume in November compared to the previous month. This revelation comes as part of MCT’s monthly Lock Volume Indices report, offering valuable insights into the dynamic landscape of the residential mortgage industry.
The data indicates a nuanced pattern, with a slight uptick in lock volume early in the month attributed to a marginal drop in mortgage rates and increased activity from a Mortgage-Backed Securities (MBS) rally. However, this surge was short-lived as volume plateaued and subsequently decreased throughout the remainder of the month, with the Thanksgiving holiday potentially contributing to this trend.
Against the backdrop of these market dynamics, the mortgage industry is hoping for reprieve as The Federal Reserve indicated we may have reached the terminal federal funds rate. Andrew Rhodes, Senior Director and Head of Trading at MCT, commented on the current scenario, saying, “While we’ve seen a decrease in mortgage rates from the highs which would alleviate the seasonal dip, we are still struggling with low supply and see that as a continued trend through the beginning of 2024.”
To access the comprehensive insights provided by MCT’s Lock Volume Indices, interested parties are encouraged to download the full report at: https://mct-trading.com/press-release/monthly-mortgage-volume-decreases-10-7-indices-report/.
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.
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 thrive under any market condition.
For more information, visit https://mct-trading.com/ or call (619) 543-5111.
News Source: Mortgage Capital Trading Inc.
Related link: https://mct-trading.com/
This press release was issued on behalf of the news source, who is solely responsible for its accuracy, by Send2Press Newswire. To view the original story, visit: https://www.send2press.com/wire/monthly-mortgage-volume-decreases-10-7-in-latest-mct-indices-report/
