Originations of jumbo refinance mortgages increased sharply in the second quarter of 2019, according to estimates by Inside Nonconforming Markets. The refi share of jumbos also grew in the quarter, but not quite to the levels seen in early 2018.
Thanks to a steady decline in rates, some $38.0 billion of non-agency jumbos were refinanced in the second quarter, up a drastic 72.7% on a sequential basis.
Near the end of March 2019, the average interest rate on a 30-year fixed-rate jumbo was 4.055%. By the end of the second quarter, it was 3.758%.
Meanwhile, jumbo refi volume in the second quarter was up 81.0% on an annual basis. Near the end of 2Q18, the average interest rate on a 30-year fixed-rate jumbo was 4.534%. For more details and an exclusive table on jumbo production, see Inside Nonconforming Markets, now available online.
© Copyright 2024 Inside Mortgage Finance Publications
Design, CMS, Hosting & Web Development :: ePublishing