January mortgage data shows refi volume up 50% as rates dip

Purchase lending showed more modest movement, rising 3% from December but remaining down 5% from a year earlier. Optimal Blue said this was due to a “slower response of purchase demand to changing rate conditions early in the year.”

Mortgage rates declined across most major products during the month. The Optimal Blue Mortgage Market Indices (OBMMI)’s 30-year conforming fixed rate…