Optimal Blue Originations Market Monitor: Locks Decline in September Due to Seasonal Purchase Declines, Rates Hit Multi-Decade Highs
Summary
The lock production share of nonconforming loans – including both jumbo and expanded guidelines – grew as well in September to 11.1% of the total. "As the market reacted to the Feds higher for longer message, we saw mortgage rates pushed to multi-decade highs in September," Smith continued. The Optimal Blue Mortgage Market Indices 30-year conforming rate rose 33 basis points during the month to close at 7.41%, with FHA at 7.18%, VA at 7.00%, and jumbo loans up to 7.60%. The company facilitates transactions among mortgage market participants through its Marketplace Platform, actionable data, and technology vendor connections. The platform supports a range of functions for originators and investors to automate and optimize core processes related to product, pricing, and eligibility, hedge analytics, MSR valuation, loan trading, social media compliance, and counterparty oversight.