Live Mortgage Rate Lock Index
MCT’s mortgage indices are based on actual locked loans, not applications, and are therefore a precise indication of both industry lock volume and locked note rates. MCT-collected statistics are unique to the industry, given the diversity of lender sizes, products, and business models across our national footprint.
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Mortgage Indices Methodology
MCT’s indices draw on real, executed rates and rate locks, not survey responses or rate-sheet quotes.
Data Sources
The mortgage index draws on actual note-rate locks submitted through MCTlive!®, MCT's cloud-based hedging and loan sales platform, across retail, wholesale, correspondent, and consumer direct channels.
Calculation Methodology
Each business day, MCT aggregates locked note rates by loan program, conventional, FHA, VA, and USDA, across a range of amortization terms and computes a loan amount weighted average across all qualifying locks. While a day's locks are still accumulating, the reading is volume-blended with the prior business day's final value: the index opens near yesterday's close and settles on the day's own average as volume builds, so intraday moves reflect genuine rate changes rather than the makeup of the morning's earliest locks. Builder and non-builder lending are tracked as separate series.
Sample Size & Coverage
The index reflects lock activity from mortgage bankers, banks, and credit unions originating a combined average of $9.4B in monthly volume across all 50 states.
Update Cadence
Index values update throughout each business day as new locks are recorded, and each day's reading is finalized at the close of business. Weekends and holidays carry the most recent trading day forward, and trend charts and high/low ranges are computed from completed days only.
Disclaimers
Index values are provided for informational purposes only. They are not a rate quote, an offer to extend credit, or investment, pricing or hedging advice. Values reflect market-wide averages and may not correspond to the pricing available on any individual loan. Contact MCT's capital markets team for loan-level or portfolio-specific pricing.
MCT's Lender Analytics
Turn Lock and Pipeline Data Into a Competitive Edge
Lender Analytics helps lenders benchmark performance, monitor market share, and build custom reporting on the same data that powers this index.
Lock Volume Indices Reports
MCT's July Lock Volume Indices show June mortgage lock volume fell 2.88% as higher rates reduced refinance activity and softened purchase de (…)
MCT’s June Lock Volume Indices show steady purchase activity, while rate/term refinances fell 25% in May amid market uncertainty and Fed t (…)
MCT May Lock Volume Indices show refinance activity slowing as elevated rates, affordability pressures, and geopolitical uncertainty persist (…)
Spring purchase demand drives lock volume up 9% as rising rates, global uncertainty, and stagflation concerns weigh on refinance activity an (…)
February lock volume increased 28% month-over-month as mortgage rates briefly fell into the high-5% range, driving renewed borrower activity (…)
January mortgage lock volume rebounded 8.7% after a weak December, showing fragile consumer sentiment and refinance activity lifted by modes (…)
Steeper-than-expected December mortgage lock volume drop as seasonality, shutdown uncertainty, and stubborn rates keep borrowers cautious.
Lock volume fell 4% MoM on seasonal trends, while YoY gains persisted as markets await jobs data to guide rates and Fed policy into 2026.
MCT’s November Indices show mortgage pricing dip after Powell’s comments, steady October lock activity, and signs of rate stabilization (…)
Rate/term refinances surged 183% as borrowers capitalized on lower rates, with MCT advising lenders to stay disciplined amid a data blackout (…)
MCT's September Lock Volume Indices show mixed performance as markets hold steady ahead of imminent Fed rate decision. Total volume down 0.7 (…)
MCT’s August Lock Volume Indices shows surprising growth across all refis, while corrected jobs report data alludes to a potential Septemb (…)
