MCT July Lock Volume Indices Report

Mortgages lock activity saw continued strength in July, with a notable surge in rate/term refinancing activity. The market remained stable following a strong jobs report, highlighting resilience in mortgage volume trends.

This report provides a detailed analysis of lock volumes segmented by transaction type, along with visualizations to better understand the market dynamics.

Rate/Term Refinance Activity

Up 9.89% in July compared to the previous month, driven by declining mortgage rates towards the end of June.

Lock Volume for June by Transaction Type

Despite a stronger-than-expected jobs report and market calmness, volatility remains a challenge, especially for lenders managing margin risks in a fluctuating rate environment. Purchase locks continue to be the foundation of overall volume amid modest growth in refinance activity.

From a year-over-year perspective, total lock volume increased by 9.39%, with refinance segments showing significant growth.

Lock Volume for June by Transaction Type

Market activity remained subdued even after a robust employment report, with stability seen across different segments. The upcoming CPI and Fed decision points are likely to influence future volume shifts.

Leaders like Rhodes emphasize that purchase activity remains the core driver, with refinance activity being more volatile and rate-driven.