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Non-QM share rose in September as 30-year conforming rate hit 7.39%
Optimal Blue data showed non-QM rate-lock volume climbed 8% month over month, even as total rate locks fell 2% in September.
HousingWire reports that Optimal Blue data showed nonqualified mortgage lending kept expanding in September amid higher mortgage rates. Non-QM accounted for 12% of production in September, according to Optimal Blue’s newest Market Advantage report.
The data also showed non-QM rate-lock volume rose 8% from August, while total rate-lock volume fell 2% month over month and 26% year over year. Over the past three months, total rate-lock volume declined 21% as rates increased across major loan products.
HousingWire notes that the 30-year conforming fixed mortgage rate ended September at 7.39%, up 67 basis points from August and 107 basis points from a year earlier. Optimal Blue also tracked the 30-year jumbo rate at 7.36%, while FHA and VA loan rates reached 7.10% and 7.08%, respectively.