July’s year-over-year total lock volume is down 46.5% from last summer, but the month-over-month rate/term refinance lock figure is up 11% from June, according to MCTlive! Lock Volume Indices for July 2022, largely due to the recent bond market rally. 

Total mortgage rate locks by dollar volume decreased 1.5% in July, with purchase locks also declining 1.5% month-over-month and 8.9% from a year ago, according to MCT’s data. Rate/term refinances are down 11.4% and cash out refinances are down 5.3% month-over-month.

From one year ago, cash out refinance volume is down 77.9%, while rate/term refinance volume is down 94.2%. MCT said rate/term refinance volume was already down 90% year-over-year in the June MCTlive! Lock Volume Indices, so this total was largely unchanged. Loan sizes were up 8.3% over the past year, with the average loan amount increasing from $291k to $315k.

The July MCTlive! Lock Volume Indices is broken out by transaction type: purchase, rate/term refinance, and cash out refinance. MCT’s rate lock activity indices are based on actual dollar volume of locked loans, not number of applications.

NEXT Mortgage News logo

Stay in the know

Get the daily intel that impacts your customers, employees and market. 

Up NEXT eNewsletter — Industry news

Thank you!

Share This