June lending activity bounced back following two down months in the typical heart of normal home buying season, according to Black Knight.
After tumbling in April and reaching a 13-month low in May, the Originations Market Monitor Report showed a 3.9% monthly rise in volume, as jumps of 5.9% in purchase activity and 9.9%, in cash-out refinances more than made up for the 3.9% drop in rate-and-term refinances.
However, overall lending plummeted 21.3% annually, given the tidal wave of refinances that resulted from the drop in interest rates last year. June’s rate-and-terms decreased 56.8% year over year while purchases and cash-out refis grew by 7.3% and 10.2% respectively. The 30-year fixed-rate held at an average of 3.16% from May and grew from 3.12% a year ago.
“Overall locks climbed in June,” Scott Happ, president of secondary marketing technologies at Black Knight, said in a press release. “Despite rates returning to levels last seen in early March, rate/term refis continued their downward slide and are now down 30% from that point and 60% since January.”
The refinance share of loan volume inched down one percentage point for the third straight month, to 43%. This trend could continue even in the face of record-breaking home price appreciation, Happ said.
Out of the 20 largest metropolitan areas by origination volume in June, Denver saw the most growth from May, rising 10.3%. Philadelphia followed with a 9.2% gain, trailed closely by 8.8% in Sacramento, Calif. Four markets had monthly declines, with Los Angeles falling furthest in volume at 4.7%, Seattle at 4.1%, San Francisco at 1.8% and Washington, D.C. at 1.1%.
Despite the drop from May, Los Angeles kept its hold on top spot in market share with 4.8% of the national total. The Washington D.C. metro area accounted for 4.5% and New York came next at 4.1%. Only six of the 20 had majority refinance shares, led by 57% in both Los Angeles and San Diego.
"activity" - Google News
July 13, 2021 at 03:05AM
https://ift.tt/2VAI4ma
Mortgage activity rebounds in June after two down months - National Mortgage News
"activity" - Google News
https://ift.tt/3ddCXMh
https://ift.tt/2WkO13c
Bagikan Berita Ini
0 Response to "Mortgage activity rebounds in June after two down months - National Mortgage News"
Post a Comment