June mortgage lock volume rose 10% from May and climbed 15% year over year, according to data from Optimal Blue. Purchase locks accounted for 81% of all activity during the month, signaling continued strength in homebuying demand despite elevated borrowing costs.
Rates on locked loans averaged approximately 6.45% in June, reflecting a slight easing from earlier peaks. The data suggests that buyers are adjusting to the higher rate environment, with purchase activity driving the bulk of volume growth.
Refinance activity remained muted, as most homeowners hold mortgages with rates well below current market levels. The lock volume gains were concentrated in purchase transactions, aligning with seasonal trends and persistent housing demand.
The report highlights a market where buyers are pressing ahead despite affordability constraints. With inventory still tight in many metros, competition for available homes remains a key dynamic.
Economists caution that sustained rate volatility could temper activity in the second half of the year. However, if rates stabilize near current levels, purchase lock volume may continue to hold up better than refinance demand.