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Refi Pace Strong Despite 'Burnout'.(Brief Article)(Statistical Data Included)
Refinancing activity tapered off this summer, but not by much.
Since May, refinancing has accounted for between 40% and 50% of weekly loan application volume week after week, after consistently exceeding 50% during the first four months of the year.
But refinancing has only dropped below 40% of loan applications for one week between May and August. And in early August, when the average rate on 30-year mortgages dropped to 7%, refinancing started to edge up again, according to a weekly survey of lenders.
While the rapid pace of refinancing early this year did burn out some of the available supply of mortgages that are candidates to refinance, there is still plenty of potential "refi" business out there to keep lenders busy.
The Mortgage Bankers Association of America anticipates that refinancing will account for 43% of all loan originations this year, and the MBA expects total lending volume to exceed $1.5 trillion this year.
David Berson, chief economist at Fannie Mae, points out that the MBA's refinancing index, which provides a gauge of lending activity, surged above a score of 2,000 during much of the first quarter of this year.
"We've only seen those numbers a few times in history," he said.
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Source: HighBeam Research, Refi Pace Strong Despite 'Burnout'.(Brief Article)(Statistical Data...