The chart above shows the dollar distribution of locks by Agency product for the top 10 products locked in June. The modest shift of volume to shorter terms from May to June is consistent with the increase in refinance share of locks stemming from the current rate environment. High balance also had a strong showing, with an increase of 2.6% vs. May. Refinances gained just under 9.5% share of total locks as indicated in the following chart.
Total lock volume through Compass Point increased 24% in June vs. May, a further indication of the robust refinance market’s impact on the industry.
By Frank Poiesz
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