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Low Rates Put Record in Play.(mortgage rates)(Brief Article)(Statistical Data Included)
At the beginning of this year, the 2001 milestone of $2 trillion in residential lending volume seemed like a record that was likely to stand for a long time.
But now, with mortgage rates at a new low and first-half lending volume exceeding the $1 trillion mark for this year, it looks like 2002 will give 2001 a run for its money.
Last year, 58% of home loans were made to refinance an existing loan, according to the Mortgage Bankers Association of America.
Data from this newspaper's Database Products Group shows that lenders originated $1.1 trillion in home loans during the first half of this year alone, up 16% from the first half of last year.
While many outstanding loans carry rates that are low enough so that consumers cannot justify refinancing just to improve rate and terms, data from the MBA's weekly survey of loan applications ...
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Source: HighBeam Research, Low Rates Put Record in Play.(mortgage rates)(Brief...