Optimal Blue: Total Lock Volume, Purchase Locks Up in April

(Image courtesy of Optimal Blue)

Optimal Blue, Plano, Texas, released its April 2025 Market Advantage mortgage data report, showing total loan lock volume was up 3.2% month-over-month, with purchase locks up 7.5%.

Cash-out refinances were down 3.2% month-over-month and rate-and-term refinances were down 15.4%.

“Last month’s report showed early signs of spring homebuyer activity, and April confirms the season is underway with a solid increase in purchase locks,” said Brennan O’Connell, Director of Data Solutions at Optimal Blue. “We also saw a shift toward FHA loans, often used by first-time or credit-challenged buyers, and away from non-conforming products, possibly reflecting investor caution in response to broader economic uncertainty.”

However, purchase lock volume was down year-over-year by 5%. Cash-out refinances were up 34.5% and rate-and-term refinances were up 172.9% year-over-year.

The FHA share of loans was up, to 20.2% in April, and non-agency lending fell to 16.4%. Conforming loan share decreased slightly to 51% and VA share declined to 11.8%. USDA volume was flat at 0.6%.

Adjustable-rate mortgages were 10.34% of total lock volume, up from just shy of 9% in March.

The average loan amount fell month-over-month from $391,700 to $387,500. The average purchase price also fell, from $486,900 to $483,500.

The average credit score for a purchase loan was 737. For a cash-out refinance it was 698, and for a rate-and-term refinance it was 736.