Friday, March 3, 2017
ATTOM Dadta Solutions Reports U.S. Home Refinance Originations Post 20 Percent Annual Increase in Q$ 2016, Even as Purchase Originations Decline
IRVINE, CA — ATTOM Data Solutions, curator of the nation’s largest fused property database, released its Q4 2016 U.S. Residential Property Loan Origination Report, which shows more than 1.7 million (1,748,177) loans were originated on U.S. residential properties (1 to 4 units) in the fourth quarter of 2016, down 15 percent from the previous quarter but still up 2 percent from a year ago.
“Refinance originations continued to post strong numbers compared to a year ago in the fourth quarter even as purchase originations decreased on a year-over-year basis for the second consecutive quarter,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.
“The increase in refinance originations is surprising given the rising interest rates in the fourth quarter, but many homeowners may have been trying to lock in still relatively low interest rates before those interest rates rose further.
“On the other hand, rising interest rates did seem to have a chilling effect on homebuyers using financing, as evidenced not only by the drop in purchase loan originations but also a corresponding rise in the share of cash buyers, drop in FHA buyer share and a rise in the average down payment percentage in the fourth quarter compared to the previous quarter,” Blomquist added.
“For the year, the median down payment for loans secured by single family homes and condos was 6.0 percent of the median sales price nationwide, the lowest down payment percentage since 2012, but still close to twice the 3.3 percent in 2006 during the last housing boom.
For a complete copy of the company’s news release, please contact:
Jennifer von Pohlmann
Office: 949-502-8300 ext 139
Posted by Alex at 12:35 PM