Rate-and-Term Refinance Locks Fell 47% Year Over Year in August 2026
Optimal Blue's August 2026 Market Advantage report shows total mortgage rate-lock volume dropped 9% from July and 3% from a year earlier, with rate-and-term refinance locks down 47% year over year as the 30-year conforming fixed rate ended the month at 6.72%. Purchase locks fell 10% from July but remained 6% above August 2025, holding at nearly 81% of total lock volume. Non-QM loans grew to over 11% of total production, led by investor and DSCR loans, though the data do not establish a direct causal link between the conforming-share decline and the non-QM increase.