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%

You can read this full article at: https://www.housingwire.com/articles/in-these-housing-markets-refis-are-still-happening/(subscription required)

Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.