SAN DIEGO, Calif., May 7, 2024 (SEND2PRESS NEWSWIRE) — Mortgage Capital Trading, Inc. (MCT®), the de facto leader in innovative mortgage capital markets technology, today reported a 1.87% increase in mortgage lock volume compared to the previous month. To gain comprehensive insights into the market dynamics, industry professionals and enthusiasts are invited to download the complete report.
image caption: Lock Volume for April by Transaction Type.
Amidst an environment of increasing rates, the increase in mortgage lock volume over the previous month illustrates a possible shift in public perception. Potential homebuyers appear to be adapting to the 7% interest rate, viewing it as a new normal. This increase is further supported by the seasonal uptick in real estate activity.
The persistence of housing demand, coupled with a stable market for home values, is instilling confidence among buyers who believe acquiring home equity will compensate for the higher rates.
Andrew Rhodes, Senior Director and Head of Trading at MCT, commented on recent market movements: “The market has rallied a point on the UM30 6’s following the Federal Reserve’s decision to stay the course with interest rates. While the outlook for the summer remains positive, it’s closely tied to forthcoming economic reports. With April nonfarm payroll coming in lower than expected the Federal Reserve is waiting to see if this will become a trend or is just an outlier in terms of strength in jobs. The May CPI report, coming out on the 15th, will be particularly pivotal in determining the market’s expectations in rate cuts sooner or later with some already pricing in cuts in September.”
Download MCT May Indices Report:
To access the comprehensive insights provided by MCT’s Lock Volume Indices, interested parties are encouraged to download the full report – https://mct-trading.com/press-release/mct-reports-a-2-percent-lock-volume-increase-despite-rising-rates/
MCT’s Lock Volume Indices present a snapshot of rate lock volume activity in the residential mortgage industry broken out by lock type (purchase, rate/term refinance, and cash out refinance) across a broad diversity of lenders (e.g., sizes, products/services offered, business models) from MCT’s national footprint.
About MCT:
For over two decades, MCT has been a leading source of innovation for the mortgage secondary market. Melding deep subject matter expertise with a passion for emerging technologies and clients, MCT is the de facto leader in innovative mortgage capital markets technology. From architecting modern best execution loan sales to launching the most successful and advanced marketplace for mortgage-related assets, lenders, investors, and network partners all benefit from MCT’s stewardship. MCT’s technology and know-how continue to revolutionize how mortgage assets are priced, locked, hedged, traded, and valued – offering clients the tools to perform under any market condition.
For more information, visit https://mct-trading.com/ or call (619) 543-5111.
MEDIA CONTACT:
Ian Miller
Chief Marketing Officer
Mortgage Capital Trading
619-618-7855
pr@mctrade.net
MULTIMEDIA:
Image link for media: https://mct-trading.com/wp-content/uploads/2024/05/mct-lock-volume-indices-April-2024-MoM30dayavg.png
image caption: Lock Volume for April by Transaction Type.
News Source: Mortgage Capital Trading Inc.
