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Optimal Blue report: December lock volume closes 2025 on a firm footing

On Jan. 13, 2026, Optimal Blue released its December 2025 Market Advantage report showing total lock volume rose 2% month over month and finished 30% higher year over year.
Drawing on direct-pricing data, the report notes Optimal Blue PPE prices and locks more than one-third of mortgages, while its hedging and loan trading system supports approximately 40% of hedged and sold loans.
Market figures confirm overall refinance pull-through rose 194 bps to 69.2%, the OBMMI 30-year conforming fixed rate held at 6.14%, and the 10-year Treasury yield increased to 4.14%, compressing the Treasury-to-OBMMI spread to 200 bps.
Investor and MSR trends reveal lenders shifted hedged execution toward bulk aggregators, increasing bulk-aggregator share 200 bps to 29%, with active investors rising to 12.
Purchase and product-mix data show purchase locks slipped 1% MoM but finished December 7% higher YoY, non-QM production topped 9% of locks, and average loan amount rose to $394,502.

Insights by Ground AI