Mortgage rates continued their downward trajectory at the start of 2024, incentivizing homebuyers to apply for loans. Meanwhile, an easing of the inventory shortage foreshadows the possible return of a stable housing market. 

Lock volume increased by 36% between December and January,  driven by a 38% seasonal increase in purchase lock volume, according to Optimal Blue’s Originations Market Monitor report. Cash-out and rate-and-term refinance volumes rose 30% and 20%, respectively. 

Brennan O’Connell, data solutions manager at Optimal Blue, also noted that January’s year-over-year decline in purchase details ⇒

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