Overall loan fee lock quantity drops 46.5% year-over-year in July

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July’s year-over-year overall lock quantity is down 46.5% from final summer time, however the month-over-month fee/time period refinance lock determine is up 11% from June, in step with MCTlive! Lock Quantity Indices for July 2022, in large part because of the hot bond marketplace rally. 

Overall loan fee locks by way of greenback quantity diminished 1.5% in July, with acquire locks additionally declining 1.5% month-over-month and eight.9% from a 12 months in the past, in step with MCT’s knowledge. Charge/time period refinances are down 11.4% and money out refinances are down 5.3% month-over-month.

From 12 months in the past, money out refinance quantity is down 77.9%, whilst fee/time period refinance quantity is down 94.2%. MCT mentioned fee/time period refinance quantity was once already down 90% year-over-year within the June MCTlive! Lock Quantity Indices, so this overall was once in large part unchanged. Mortgage sizes had been up 8.3% over the last 12 months, with the common mortgage quantity expanding from $291k to $315k.

The July MCTlive! Lock Quantity Indices is damaged out by way of transaction kind: acquire, fee/time period refinance, and money out refinance. MCT’s fee lock job indices are in accordance with exact greenback quantity of locked loans, no longer choice of packages.


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