The wholesale giant Wednesday announced Refi 100, a 100-basis point pricing promotion for conventional rate-and-term refi rates. The deal, eligible for new locks through March 29, comes as refis remain muted amid elevated rates and sluggish origination activity. 

"While big banks and retail lenders wait for the refi boom, UWM is making it happen for our partners right now," the company said on its website. 

A spokesperson Wednesday said the promotion is intended to help brokers "build their book of business ahead of expected Federal Reserve rate drops later this year." 

The company didn't immediately respond to a question Wednesday about the specific deadline date. 

Qualifying loans must be at least a year from their previous note date, and no seasoning is required for non-UWM loans, the lender said. The company is also still offering a "Control Your Price" deal which gives brokers up to 340 bps per quarter at their behest; it has run other pricing promos in the past to compete for brokers. 

Refis in the week ending Jan. 26 made up 34.2% of total mortgage applications, up from 32.7% the prior week according to the Mortgage Bankers Association's latest survey. The average interest rate for a 30-year fixed-rate loan meanwhile ticked up to 6.69% last week. 

UWM CEO Mat Ishbia in a November third quarter earnings call said his firm hired over 1,000 workers in preparation for a big, or mini, refi boom. The Pontiac, Michigan-based lender and servicer reported $3.83 billion in refi volume over last fall, a figure relatively flat from the summer reporting period. 

Fannie Mae in January projected 2024 single-family refi volume to shoot up $490 billion from just $246 billion last year. The government-sponsored enterprise meanwhile suggests purchase origination volume to reach $1.5 trillion, a far cry from the recent historic boom.

The Pontiac, Michigan-based UWM had 47.9% of the wholesale market share as of last August, according to data it shared in its third quarter earnings from Inside Mortgage Finance. Its competitive efforts have created some turmoil; it's locked in several lawsuits over its controversial "All In" broker ultimatum.