SAN DIEGO, Calif., Oct 04, 2023 (SEND2PRESS NEWSWIRE) -- Mortgage Capital Trading, Inc. (MCT®), a leading mortgage hedge advisory and secondary marketing software firm, reported today a significant dip of 13.29% in mortgage lock volume over the prior month.
Following the last month-over-month 4.76% drop, this downward trend in mortgage lock volume is attributed to an increase in mortgage rates throughout the last month to high sixes and low sevens as the primary culprit, and lack of supply and unattractive housing values being secondary reasons. "We are hopeful that we will get some better sentiment from the Fed in either its November or December meeting which would allow for some relief for rates," said Andrew Rhodes, Senior Director, Head of Trading at MCT, "But without that, high-interest rates will continue to be the prevailing force weighing on the market."
Eyes in the coming winter months will be on any shift in CPI and non-farm payroll, two indicators the Fed will look to as it makes its decisions for the rest of the winter and into Q1. "As long as those numbers continue to stay strong or in line with the consensus, I believe the rates are going to stay where they are. If we see a strong shift in either direction for CPI or non-farm payroll, that could mean we will either see an increase in rates or we will get more verbiage on pausing and it being close to terminal." states Mr. Rhodes.
Download the full MCT October Indices Report for further information, including year-over-year charts and data. 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 continues to revolutionize how mortgage assets are priced, locked, protected, valued, and exchanged - offering clients the tools to thrive under any market condition.
For more information, visit https://mct-trading.com/ or call (619) 543-5111.
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https://mct-trading.com/press-release/high-rates-low-supply-drag-down-mortgage-volume-in-mct-october-indices-report/
News Source: Mortgage Capital Trading Inc.
Related link: https://mct-trading.com/
This press release was issued on behalf of the news source, who is solely responsible for its accuracy, by Send2Press Newswire. To view the original story, visit: https://www.send2press.com/wire/high-rates-and-low-supply-drag-down-mortgage-volume-in-mct-october-indices-report/