Mortgage RatesBrief
Non-QM mortgage rate locks increased in September despite rate hikes
Non-QM rate-lock volume expanded in September as overall mortgage origination activity declined during a period of surging interest rates.
FTMQ Real Estate, written by our newsroom0 views
Non-QM mortgage rate locks increased by 8% in September compared to August, even as overall mortgage rate-lock volume dropped, HousingWire reported citing Optimal Blue data. Total rate-lock volume decreased by 2% month over month and fell 26% year over year. [1]
HousingWire and Send2Press both reported that non-QM loan activity expanded while broader mortgage rates rose. Non-QM loans accounted for 12% of total September origination volume, marking an increase from both August and the prior year. [1][2]
Total rate-lock volume dropped 21% over the past three months as mortgage borrowing costs increased across major loan products, according to HousingWire. The 30-year conforming fixed mortgage rate tracked by Optimal Blue reached 7.39% by the end of September. [1]
In short
- Non-QM rate-lock volume rose 8% month over month in September.
- Total mortgage rate locks fell 2% from August and 26% year over year.
- Non-QM mortgages represented 12% of overall production in September.
- The 30-year conforming fixed mortgage rate ended September at 7.39%.
Sources
Every paragraph above points to the numbered items it rests on. Read the originals here.
- [1]Optimal Blue data shows non-QM lending, ARM usage is expandingHousingWire, 21d ago (the report this story comes from)
- [2]Optimal Blue report: Non-QM bucks September slowdown as mortgage rates surgeSend2Press, 21d ago
Background
- [3]YInMn Blue on Wikipedia
Our newsroom writes these reports with the help of software, from the 3 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.
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