Mortgage Capital Trading, Inc. (MCT®) has reported a significant dip in mortgage lock volume over the past month. This decline of 13.29% follows a 4.76% drop from the previous month. Mortgage rates reaching high sixes and low sevens are the primary reason behind this downward trend, with a lack of supply and unattractive housing values also contributing. However, there is hope that the Federal Reserve will provide some relief for rates in either its November or December meeting.
During the winter months, attention will be focused on any shift in the Consumer Price Index (CPI) and non-farm payroll, which are indicators that the Fed considers when making decisions. As long as these numbers remain strong or in line with consensus, it is believed that rates will stay where they are. However, a significant shift in either direction for CPI or non-farm payroll could result in an increase in rates or a pause in rate increases.
For further information about mortgage lock volume activity in the residential mortgage industry, including year-over-year charts and data, refer to the full MCT October Indices Report available for download. MCT’s Lock Volume Indices provide insights into rate lock volume activity across a wide range of lenders.
MCT has been a leading source of innovation in the mortgage secondary market for over two decades. With a focus on emerging technologies, the company offers advanced mortgage capital markets technology that revolutionizes how mortgage assets are priced, locked, protected, valued, and exchanged.
For more information about MCT, visit their website at https://mct-trading.com/ or contact them at (619) 543-5111.
Disclaimer: This article is based on a press release and has been written in response to the provided information.