Most of the lift in third-quarter mortgage originations came from the tail end of the refinance boom, especially in the agency market, according to a new Inside Mortgage Finance analysis. The government-insured market saw a hefty 21.4 percent jump in mortgage originations from the second to the third quarter as the sector reached an estimated $159.0 billion and accounted for 27.4 percent of total first-lien production. It was the second consecutive record quarter for FHA, VA and Department of Agriculture rural-housing production. The conventional-conforming segment was not far behind...[Includes two data tables]
Since the historic election of last week, interest rates have been steadily rising, turning the tables on what increasingly looked like a moribund market for servicing sales. But not anymore. Since the Nov. 8 election, the yield on the benchmark 10-year Treasury has spiked 50 basis points to 2.24 percent with mortgage rates following in the wake. And while this spells bad news for originators – especially refinance specialists – it’s manna from heaven for holders of mortgage servicing rights. As Inside Mortgage Finance went to press this week, market makers were...
In the refinance market, the share of loans falling into the low-score/high LTV group was 2.57 percent, down from 2.86 percent in the second quarter...
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