Mortgage refinance comeback: United Wholesale Mortgage's refi volume jumps 387% from cycle low

Core Insights - United Wholesale Mortgage (UWM) has experienced a significant rebound in refinance volume, increasing by 387% from its cycle low in 2023 [1] - The average 30-year fixed mortgage rate has decreased to 5.98%, which is 1.81 basis points lower than its cycle high of 7.79% in October 2023 [1] Refinance Volume - UWM's refinance volume figures are as follows: 2023 at $14 billion (cycle low), 2022 at $36 billion, 2021 at $139 billion, and 2020 at $140 billion [1] - The increase in refinance volume indicates a recovery trend, even without a full refi boom [1] Purchase Volume Stability - UWM's purchase volume has remained stable in the range of $90 billion to $96 billion over the past few years [1] - Despite a sharp decline in U.S. existing home sales in 2022, UWM's purchase volume held steady as it gained market share during the downturn [1] - The stability in purchase volume provides a strong operational base for UWM as refinance activity improves [1] Market Position - UWM is capturing a larger share of the refinance market as its rebound occurs faster than that of most mortgage firms [1] - The overall refinance activity is gradually recovering from the lows experienced during the rate shock [1]