ICE reposted this
May mortgage data is out, and the numbers hint at a potential tipping point in the refinance sphere. ICE's latest Mortgage Monitor report, published this morning, shows a noticeable spike among loans originated over the past two years with rates of exactly 6.875% — perhaps more due to the psychological appeal of having a mortgage rate with a 6 on the front rather than rate or savings dynamics. In fact, 690,000 vintage loans from 2022-2024 are at rates just below 7%, and more than 4 million first lien mortgages originated since 2022 have 30-year rates above 6.5%. Why is that so important? Because from a refinance perspective, it's that spike of borrowers with mortgages in the high 6% rate range who are likely to move the needle toward more meaningful, albeit still historically modest, refinance volumes if and when rates ease. What's more, the dynamics in refi activity (cash-out vs. rate/term) have shifted slightly as well. Read the full report here for more detail: https://lnkd.in/gKQgYz6Z
