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Monday, June 5
Black Knight’s Mortgage Monitor: Q1 2017 Originations Fall 34 Percent, Led By 45 Percent Drop in Refinance Lending; Despite Recent Rate Softening, Home Affordability Remains Near Post-Recession Low
“Overall, first lien mortgage originations fell by 34 percent in the first quarter of 2017,” said Black Knight Data & Analytics Executive Vice President Ben Graboske. “As expected, the decline was most pronounced in the refinance market, which saw a 45 percent decline from Q4 2016 and were down 20 percent from last year.”
- Because of the upward interest rate shift seen in Q4 2016, Q1 2017 purchase and refinance originations have both seen significant quarterly declines in volume.
- Refinance lending among higher-credit-score borrowers saw a quarterly decline of 50 percent.
- After surpassing their pre-crisis peak for the first time in February, home prices rose another 1.3 percent in March – the largest monthly increase in nearly four years.
Mortgage rates
[graphiq id=”b2w6fmfIyNL” title=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/b2w6fmfIyNL” link=”http://mortgage-lenders.credio.com” link_text=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]
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