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Mortgage rates fell 67 bps in November. Production was still down 10%

In the mortgage business, November typically represents the start of the slow season. While mortgage rates cooled down significantly from October, it wasn’t enough to overcome seasonal, historic trends and low levels of inventory.

Lock volume declined 10% last month from October, driven by a 12% drop in purchase locks, according to Optimal Blue’s originations market monitor report

“Cooling economic indicators and dovish commentary from the Federal Open Market Committee (FOMC) meeting at the beginning of November drove a rally in rates across mortgage products,” said Brennan O’Connell, data solutions manager at Optimal Blue. 

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