The second quarter of this year was a miserable on many levels, but mortgage origination volume was not one of them. Black Knight’s current Mortgage Monitor reports that the second quarter saw the largest quarterly origination volume since the company began tracking it at the beginning of 2000. Low interest rates drove refinancing up by more than 60 percent compared to the previous quarter and 200 percent higher than in the second quarter of 2019. There were $1.1 trillion in first lien mortgages originated during the period, 70 percent of it through refinancing. The 2.3 million refis in the second quarter were dominated by rate/term refinances which saw a four-fold increase from a year earlier Cash-out refinances increased as well, up by 66 percent, but had only a 30 percent share of refinance

2020-09-08 18:09:24

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Courtesy of Mortgage News Daily

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