"That's a +387% increase in UWM's refi volume since its 2023 cycle low. Even without a full refi boom, refinance volume is slowly coming back, with the average 30-year fixed mortgage rate as tracked by Freddie Mac down to 5.98% last week-or 1.81 bps below its cycle high of 7.79% in October 2023."
"The lack of a sharp decline in purchase volume following the rate-shock is impressive when you consider the macro picture: While U.S. existing home sales fell sharply in 2022, UWM's purchase volume held steady as the wholesale channel gained share during the downturn. Many smaller lenders pulled back or exited, and brokers consolidated volume toward large, price-competitive players."
"While UWM's refinance rebound is happening faster than most mortgage firms (and as a result, it's taking refinance market share), refinance activity overall is slowly bouncing off the rate-shock lows."
United Wholesale Mortgage experienced significant refinance volume growth, increasing 387% since hitting its 2023 cycle low. Mortgage rates have declined to 5.98% for 30-year fixed loans, down from October 2023's peak of 7.79%, prompting borrowers from 2023-2024 to refinance for payment relief. UWM's purchase volume has remained relatively steady in the $90B-$96B range over recent years, demonstrating resilience during the 2022 rate shock when many smaller lenders withdrew from the market. The wholesale channel gained market share as brokers consolidated volume toward large, competitive players like UWM. This stable purchase base positions UWM favorably as refinance activity continues recovering.
Read at Fast Company
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