"Record To-Be-Announced activity [in March] was primarily driven by a spike in rate volatility amid heightened macro uncertainty and broader market volatility," Tradeweb said.

Home prices increased by 0.1% on a monthly basis in January, according to the Federal Housing Finance Agency.

Hope Dmuchowski, a senior executive vice president and chief financial officer at First Horizon Bank, said the bank’s mortgage warehouse activity is “behaving seasonally” with a decline in volume compared with the fourth quarter.