More than 7.3 million loans were originated last year, and more than 1.7 million loans were originated in Q4 of 2016.
“Refinance originations continued to post strong numbers compared to a year ago in the fourth quarter even as purchase originations decreased on a year-over-year basis for the second consecutive quarter,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “The increase in refinance originations is surprising given the rising interest rates in the fourth quarter, but many homeowners may have been trying to lock in still relatively low interest rates before those interest rates rose further.”
The last quarter of 2016 saw a total of 883,836 refinance loans secured by residential properties – a year-over-year increase of 20%.
The metros with the biggest increases in refinance originations were Olympia, Wash. (108%), Spokane, Wash. (77%) and Boulder, Colo. (74%).
Refinance originations posted a year-over-year increase of 20% in the fourth quarter despite being down by 15% from the previous quarter, according to mortgage data provider ATTOM Data Solutions.