Mortgage lenders saw a significant jump in refinance activity during the third quarter of 2016, although purchase-mortgage lending continued to account for over half of new originations, according to a new analysis and ranking by Inside Mortgage Finance. Refi production increased by 20.4 percent from the second to the third quarter, according to revised estimates by Inside Mortgage Finance. A total of $277.0 billion of refi loans were originated during the period, the strongest quarterly volume since the second quarter of 2013, when an estimated $351.0 billion of refinance mortgages were originated. One change in the market over the past three years has been...[Includes three data tables]
Warehouse providers ended the third quarter with $58.0 billion of commitments on their books, a modest improvement over the prior period and a sign that nonbanks still hunger for residential credit. Compared to the same quarter a year ago, warehouse commitments increased an impressive 23.4 percent, according to survey figures compiled by Inside Mortgage Finance. That’s the good news. Now comes the bad: with interest rates rising since the election, warehouse managers are voicing their concern about what may lie ahead, namely lower originations. “Right now it feels...[Includes one data table]
In case you haven’t noticed: the national debt is ready to crack the $20 trillion mark – almost twice the dollar volume of outstanding residential debt in the United States.
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