MCT Reports A 20.9% Increase In Mortgage Lock Volume Amidst Rising Rates
Mortgage Capital Trading, Inc. (MCT), the de facto leader in innovative mortgage capital markets technology, has reported a 20.9% increase in mortgage lock volume in February compared to the previous month.
This month’s increase comes against a backdrop of rising interest rates, a robust jobs market, and a stronger-than-predicted CPI report. Despite the prevailing market conditions, the twenty percent increase in mortgage lock volume showcases positive buyer sentiment within the industry. However, it’s important to note that this month-over-month uptick represents a relative change, reflective of the traditionally slower winter buying season.
Looking ahead, the Federal Reserve will closely monitor forthcoming non-farm payroll and inflation reports to inform decisions regarding potential rate adjustments. Andrew Rhodes, Senior Director and Head of Trading at MCT, emphasized the significance of these impending reports, stating, “The upcoming non-farm payroll and CPI reports will have a significant impact on the decision for the upcoming Fed meeting in terms of forward guidance. If we continue to see higher than anticipated job and inflation reports, we could see market expectations start to push rate cuts out to Q3 or later which could act to depress mortgage volume.”
To access the comprehensive insights provided by MCT’s Lock Volume Indices, interested parties are encouraged to download the full report.
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