Mortgage rate locks rose in February as lower borrowing costs helped bring more homebuyers back into the market, according to Optimal Blue‘s February 2026 Market Advantage report.

The report, released Tuesday, found that total rate-lock volume increased 9% compared to January and was nearly 40% higher than in February 2025. Purchase lock volume climbed more than 14% month over month and was up 5% year over year.

The increase in purchase activity pushed down the refinance share of activity to 41% of all locks, compared with 44% the month prior. Still, refinancing remained elevated, with rate-and-term refi locks rising details ⇒

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