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Send2Press 8-Apr-2024 6:21 AM
Photo Caption: Optimal Blue Issues March 2024 Originations Market Monitor
Optimal Blue Issues March 2024 Originations Market Monitor
PLANO, Texas, April 8, 2024 (SEND2PRESS NEWSWIRE) -- Today, Optimal Blue released its March 2024 Originations Market Monitor report, which reveals the average homebuyer credit score has reached 737 – an all-time high since the company began tracking this data in January 2018. Despite the potential buyer pool being somewhat limited to borrowers with higher credit, rate lock volume showed steady month-over-month growth of 17% in March as the spring buying season got underway.
Key findings from the March 2024 Originations Market Monitor report, which reflects month-over-month changes in mortgage lock data, include:
"Driven by rising interest rates and home prices, we're witnessing the highest average homebuyer credit scores in years," said Brennan O'Connell, director of data solutions at Optimal Blue. "This unprecedented level of creditworthiness among purchasers is largely a result of the affordability issues borrowers face in today's housing market, with prospective buyers with lower credit scores waiting on the sidelines until conditions improve. However, it is encouraging to see a strong pool of qualified buyers still actively pursuing homeownership. This trend underscores the resilience of the market and the adaptability of consumers in navigating the current economic landscape."
The full March 2024 Originations Market Monitor report provides further detail on these findings and more insights into U.S. mortgage market trends: https://www2.optimalblue.com/wp-content/uploads/2024/04/OB_OMM_MAR2024_Report.pdf
About the OMM Report:
Each month, Optimal Blue issues the Originations Market Monitor report, which provides early insight into U.S. mortgage trends. Leveraging lender rate lock data from the Optimal Blue PPE — the mortgage industry's most widely used product, pricing, and eligibility engine — the Originations Market Monitor provides a view of early-stage origination activity.
Nothing herein shall be construed as, nor is Optimal Blue providing, any legal, trading, hedging, or financial advice.
About Optimal Blue:
Optimal Blue is a market leader in mortgage secondary marketing technology. The company facilitates transactions among mortgage market participants through its Marketplace Platform, actionable data, and technology vendor connections. The platform supports a range of functions for originators and investors to automate and optimize core processes related to product, pricing, and eligibility, hedge analytics, MSR valuation, loan trading, social media compliance, and counterparty oversight. The company's premier products are used by 68% of the top 500 mortgage lenders in the U.S.
For more information on Optimal Blue's end-to-end secondary marketing automation, visit http://OptimalBlue.com/.
NEWS SOURCE: Optimal Blue
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