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Month-to-Date Lock Trends

Month-to-Date Lock Trends

Within the thick of the summer months, we have seen the expected shift towards refi as the majority lock purpose, as well as Government 30-year loans becoming the dominant product among our clients.  This month we are seeing somewhat lower lock volume (4.5% less than the same period in July) and refinances lead lock volume with about a 59% market share.  Consumer reaction to the rate cuts is clearly in evidence, especially considering that last month when we reported on lock trends the purchase share was ahead of refinance by about 5% - quite a large shift in 30 days.  Looking outside of lock purpose and focusing on product, we are seeing that Government 30-year loans are the dominant product among our clients.  Increasing by about 6% MTD vs the same period in July, Gov30 loans now have about 52% of the current distribution of loans.  This share of locks by loan amount is about 14% more than the next product which is Conventional 30 year – which has a 38% current MTD distribution.  These two products make up 90% of the locks by product we are seeing among clients over the last two months.

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