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Mortgage Originations, Refinancings Surged In Second Quarter Amid Low Rate Backdrop

KEY POINTS

  • In all of 2019, lenders extended about $2.5 trillion in home loans
  • Mortgage rates fell below 3% for the first time in July.
  • Only 18% of all refinancing borrowers retained post-refinance in the second quarter

Mortgage originations set a record in terms of volume in the second quarter despite the ongoing COVID-19 pandemic, data analytics firm Black Knight reported.

First lien mortgage origination volumes approached $1.1 trillion in the quarter – an all-time record. In all of 2019, lenders extended about $2.5 trillion in home loans.

“Despite the nation being under pandemic-related lockdowns for much of the quarter, a record-breaking surge in mortgage originations occurred in [the second quarter of 2020], driven by the record-low interest rate environment,” Black Knight Data & Analytics President Ben Graboske said. “Nearly $1.1 trillion in first lien mortgages were originated in [the second quarter of 2020], which is the largest quarterly origination

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