Americans rush to refinance as mortgage rates keep rising

While homeowners surged into the market, increasing refinance originations, potential homebuyers held back in the third quarter, according to the Q3 2016 U.S. Residential Property Loan Origination Report by ATTOM Data Solutions, a fused property database. Overall, over 1.9 million loans were originated in the U.S. in the third quarter of 2016. That’s down 2% from the second quarter, but up almost 1% from last year. The total dollar volume of loan originations increased 8% from last year to over $502 billion due to higher average loan amounts. The loan origination report is derived from publicly recorded mortgages and deeds of trust collected by ATTOM Data Solutions in more than 950 counties accounting for more than 80% of the U.S. population. “The nominal increase in overall originations compared to a year ago masks divergent refinance and purchase loan origination trends during the quarter,” said Daren Blomquist, ATTOM Data Solutions senior vice president. “Refinance originations increased 16% compared to a year ago while purchase originations were down 11% and Home Equity Lines of Credit originations were down 6%.”

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