Optimal Blue Originations Market Monitor: November Brings Long-Awaited Shift in Direction for Mortgage Rates, Significant Decline in Average Purchase Price
Summary
The Optimal Blue Mortgage Market Indices (OBMMI) 30-year conforming rate dropped 67 basis points (bps) in November, finishing the month at 7.11%. "Cooling economic indicators and dovish commentary from the Federal Open Market Committee meeting at the beginning of November drove a rally in rates across mortgage products," OConnell continued. "Historic affordability issues are keeping buyers on the sideline and forcing sellers to reduce their expectations," OConnell added. 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.