SAN DIEGO, Calif., Aug 02, 2024 (SEND2PRESS NEWSWIRE) -- Mortgage Capital Trading, Inc. (MCT®), the de facto leader in innovative mortgage capital markets technology, announced today a decrease of 5.67% in mortgage lock volume compared to the previous month. Industry professionals and enthusiasts are invited to download the complete report for comprehensive insights into the market dynamics.
Mortgage lock volume over the past eight weeks has continued to trend downward. This trend is consistent with a decrease in supply as we progress through the summer.
Looking ahead, the trend is expected to continue into the next month. Even as rates gradually decrease, many potential buyers may be holding off in anticipation of potentially better rates later in the year.
Additionally, a potential September rate cut has already been priced into the market, suggesting that if the Federal Reserve does cut rates in their September meeting, it may have little effect on mortgage rates.
Andrew Rhodes, Senior Director, Head of Trading at MCT, states, "Today's Nonfarm payroll report came in below expectations along with a higher than expected unemployment rate. If this trend continues, it is looking very likely the Federal Reserve will cut rates in their September meetings."
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.
For more information, visit https://mct-trading.com/ or call (619) 543-5111.
Download the Complete Report at: https://mct-trading.com/press-release/mct-reports-a-6-percent-mortgage-lock-volume-decrease-in-latest-indices-report/
MULTIMEDIA:
IMAGE link for media: https://www.Send2Press.com/300dpi/24-0802-s2p-mct-chart-300dpi.jpg
Image caption: Lock Volume for July by Transaction Type.
MCT Media Contact:
Ian Miller
Chief Marketing Officer
Mortgage Capital Trading
619-618-7855
pr@mctrade.net
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/mct-reports-a-6-mortgage-lock-volume-decrease-in-latest-report/