Sunday, May 15, 2016

RealtyTrac Reports First Quarter 2016 Home Loan Originations Down 8 Percent from Year Ago, Driven by 20 Percent Drop in Refinance Originations


Daren Blomquist
IRVINE, Calif. –— RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its Q1 2016 U.S. Residential Property Loan Origination Report, which shows 1.4 million (1,415,511) loans were originated on U.S. residential properties (1 to 4 units) in the first quarter of 2016, down 12 percent from the previous quarter and down 8 percent from a year ago to the lowest level since the first quarter of 2014.

The loan origination report is derived from publicly recorded mortgages and deeds of trust collected by RealtyTrac in more than 950 counties accounting for more than 80 percent of the U.S. population.

The year-over-year decrease in total originations was driven by a 20 percent year-over-year decrease in refinance originations even while purchase originations increased 3 percent from a year ago and Home Equity Line of Credit (HELOC) originations increased 10 percent from a year ago.

“After a surprisingly strong 2015, the mortgage refi market started running out of steam in the first quarter of 2016 despite lower mortgage interest rates,” said Daren Blomquist, senior vice president at RealtyTrac.

“Meanwhile the purchase loan market continued the pattern of slow-and-steady growth that it has been following the past two years, and HELOC originations increased on a year-over-year basis for the 16th consecutive quarter, showing that borrowers are regaining both home value and the confidence needed to increasingly leverage their home equity.”

   For a complete copy of the company’s news release, please contact:

Jennifer von Pohlmann
Sr. Public Relations Manager
Office: 949.502.8300 ext 139


No comments:

Post a Comment