According to Optimal Blue, December mortgage lock volume was up 26% year over year, driven by an 18% jump in purchase locks and a 43% jump in cash-out refinances.
The refinance share of activity rose to 24%, the highest share since September, led by a rate-and-term refi surge of 33% compared to November.
Brennan O'Connell stated that December's data illustrates how the market can adapt to shifting conditions and reflects resilience and increasing demand for refinance opportunities.
The conforming loan share has hovered around historic lows, hitting 51% last month, which reflects a shift toward government and non-conforming loans.
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