Optimal Blue data shows February rate locks up 9% from January
Purchase activity increased in February, reducing refinance share to 41% while mortgage rates declined across all major loan products, with the 30-year conforming rate falling to 5.90%.
30-year mortgage rates have fallen below 6% for the first time in three-and-a-half years, with continued downward momentum expected as Fannie Mae and Freddie Mac increase mortgage-backed securities purchases to support the housing market.