In a new Insights Blog report, CoreLogic analyzes single-family mortgage originations for 2016. According to the report, the United States saw a 15% increase in mortgage originations during 2016. This number reflects both purchase and refinance mortgages, and represents nearly $2 trillion of loan originations throughout the year.
Of these, mortgage refinances took the slight majority, with an increase in year-over-year refinance originations of 19% in dollars and 13% in volume. CoreLogic attributes this jump primarily to low mortgage rates, reporting the average 30-year mortgage interest rate in 2016 was 3.65%.
Nonetheless, purchase originations also increased, by 11% in dollars and 7% in number. CoreLogic attributes these increases to an increase in home sales and sales price appreciation, and a decrease in the share of homes purchased without a mortgage.
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