Optimal Blue report: ARM share hits new high as October lock volume falls 19%

Optimal Blue report: ARM share hits new high as October lock volume falls 19%

Mortgage rates ease late in the month as FHA gains share and refinance share slips to 16%

Mortgage Locks Plunge 19% Despite Rate Relief, ARM Share Hits New High

A late-month drop in mortgage rates did little to revive lending activity in October, with total rate-lock volume falling 19.2% from September and 37.6% from a year earlier, according to Optimal Blue's latest Market Advantage report.Purchase locks declined 18% month over month and 17% year over year, a marked deterioration from September, when purchase activity was nearly flat on both measures. Refinances offered little relief, accounting for ju…

ARMs Hit 17% of Mortgage Locks, a Record Since 2019

Key Takeaways Adjustable-rate mortgages reached 17% of all mortgage rate locks in October, up from 14% in September and the highest share in Optimal Blue data going back to 2019. Total lock volume fell 19% from September and 38% from a year earlier, and refinances shrank to just 16% of production as rate-and-term refinance volume […] The post ARMs Hit a Record 17% of Mortgage Locks as Total Lock Volume Fell 19% in October appeared first on Unite…