"Lenders also strengthened execution strategies in the secondary market. Sales to agency mortgage-backed securities climbed to 46%, up 400 basis points, while deliveries to the agency cash window fell to 30%. Aggregator bulk and best-efforts channels each declined 100 basis points. The share of loans sold at the highest pricing tier rose to 81%, reflecting improved pricing even as servicing values tightened."
"Mortgage servicing rights for conforming 30-year loans rose 3 basis points (bps) to 1.12% (a 4.47 multiple), moving in line with an average 6-bps monthly increase across OBMMI rates. October's secondary market data reflected clear strength in execution, said Vough. Lenders leaned further into MBS sales and maintained access to top-tier pricing, signaling disciplined hedging and growing investor confidence. With securitization share and pricing quality both on the rise, large lenders appear well positioned to sustain profitability as production remains steady."
Purchase locks slipped 1.5% month-over-month in line with normal seasonal trends while refinancing continued to fuel growth. Rate-and-term refinances fell 14% from September but were up 143% year over year. Cash-out refinances increased 6% month-over-month and 29% year-over-year. The OBMMI 30-year conforming fixed rate fell 16 basis points to 6.16%, its lowest level since late 2023. Refinance share comprised 37% of total production, down 176 basis points from September but 11 points higher year over year. Pull-through rates improved for purchases (84.6%) and refinances (71.6%).
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