Its (Almost) All About Interest Rates

Posted To: MND NewsWire

It should come as no surprise that the rise in interest rates that occurred after the November 2016 election had a profound impact on mortgage originations, especially those for refinancing. Black Knight Financial Services, in its current Mortgage Monitor report, said first lien mortgages were originated during the first quarter of 2017 at the lowest rate since the fourth quarter of 2014 . Overall, $372 billion such loans were originated, a 9.0 percent decline from the corresponding quarter in 2016 and down 34 percent from the fourth quarter of that year. Refinancing plummeted 45 percent from the previous quarter and was off by 20 percent on an annual basis. Purchase originations, while up 3.0 percent year-over-year, fell 21 percent quarter-over-quarter. Black Knight noted that while purchase...(read more)

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from Mortgage News Daily http://ift.tt/2qTt2Yh