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April issuance was the highest monthly total since June 2022, when the market was coming down from the euphoria of the COVID-19 rally.

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Typically, when interest rates decline — as they did for much of the first quarter — the retention rate increases.

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Locks for residential mortgages declined by 9% on a monthly basis in April, according to Optimal Blue.

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The firm generated a $45.0 million profit, with a margin of 27.0% in the first quarter of 2026.

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“The outlook for the months ahead remains fragile as volatile mortgage rates and economic uncertainty continue to be headwinds,” said Lisa Sturtevant, chief economist at Bright MLS, a multiple listing service covering the Mid-Atlantic region.

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