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Q2 Saw Highest Origination Volume in History, Q3 Might be Even Better
Tuesday, September 8, 2020
The second quarter of this year was a miserable on many
levels, but mortgage origination volume was not one of them. Black Knight's
current Mortgage Monitor reports that the second quarter saw the largest
quarterly origination volume since the company began tracking it at the beginning
of 2000. Low interest rates drove refinancing up by more than 60 percent
compared to the previous quarter and 200 percent higher than in the second
quarter of 2019. There were $1.1 trillion in first lien mortgages originated during
the period, 70 percent of it through refinancing. The 2.3 million refis in the second quarter were
dominated by rate/term refinances which saw a four-fold increase from a year
earlier Cash-out refinances increased as well, up by 66 percent, but had only a
30 percent share of refinance originations, the lowest in more than six years.
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