loan counts and volumes hit record levels in fiscal 2016, according to the Department of Veterans Affairs.
The VA loan counts for fiscal 2016 totaled 705,474. That’s nearly a 12% increase from the year before. Loan volume was $179 billion – almost a 17% increase from fiscal 2015’s total of $153 billion.
The higher numbers were driven by an uptick in purchase and refinancing activity, according to a Scotsman Guide report. VA purchase loans rose nearly 10% from last year to 353,002, while refi activity rose 14.1% to 352,472. The spike was due largely to the improved purchase market and 2016’s long stretch of low interest rates, which gave rise to a refi boom, Scotsman Guide reported.
Through June, almost 9% of the overall mortgage market was VA loans. That’s the highest share ever, according to Attom Data Solutions.