Today, nearly nine out of every 10 mortgages originated is a purchase loan, according to Black Knight’s originations market monitor report. This is up from an average of 80 percent prior to the pandemic.
The trend is being driven by a historically strong housing market, with low mortgage rates and limited inventory continuing to push prices higher.
As a result, refinance activity has declined sharply, falling to just 10 percent of overall originations in August. This is down from a peak of nearly 50 percent in early 2009.
The following are the most important bullet points from the text:
-90% of mortgages are purchase loans
-This is up from 80% pre-pandemic
-The trend is being driven by a historically strong housing market
You can read this full article at: https://www.housingwire.com/articles/nearly-90-of-recent-mortgages-originations-were-purchase-loans/(subscription required)
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