As the US continues to transition away from the uncertainties of the COVID-19 pandemic, the market for mortgages nationwide has seen a definitive shift in the types of loans being offered. According to a report from Black Knight, nationally, nearly 90% of mortgage locks in June were for purchase mortgages, with refinancing accounting for only a small fraction, around 10%.

Although this trend has been consistent throughout the nation, certain metropolitan areas have seen a far greater increase in refinance requests – In some metros, the percentage of refinance mortgages has been measured as high as 20% of the overall mortgage market, quite the contrast compared to the national average. Straight-purchase mortgages have still managed to outnumber them, however, highlighting the overall trend of the market as a whole.

Main Takeaways:

• 90% of mortgage locks in June were purchase mortgages nationally
• Refis accounted for only 10% of the overall pie
• In select metros, refi percentage measured as high as 20%

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