Optimal Blue data shows February rate locks up 9% from January

The increase in purchase activity pushed down the refinance share of activity to 41% of all locks, compared with 44% the month prior. Still, refinancing remained elevated, with rate-and-term refi locks rising 3% month over month and 280% compared to February 2025. Cash-out refi volume increased 1% from January and 34% from a year earlier.

“February’s data shows the market settling…