Reported 7 months ago
A report by Optimal Blue revealed that rate-and-term refinances spiked by 25.6% in May due to a slight drop in mortgage rates, with the 30-year conforming rate hitting 7.02%. The increased demand for refinancing was noted as homeowners with rates above 7% reacted to the interest rate movements. The overall volume rose by 5.3% month over month, with a 4.1% increase in purchase lock volume and a 7.2% rise in cash-out refinances. While rate-and-term refinances stayed at a market volume index value of 6, cash-out refinances were at 9 and purchase mortgages were at 94. The article also highlighted changes in pull-through rates and lock volumes across different metros.
Source: YAHOO