Record Breaking 2020
A record-breaking $4.3 trillion in mortgages was originated in 2020 according to Black Knight’s Mortgage Monitor report.
– Refinances made up 65% of originations at $2.8 trillion
– Purchases made up 35% of originations at $1.5 trillion
Even with rising rates Black Knight Data & Analytics President Ben Graboske predicts a strong Q1, “…by the end of March, another 2.8 million homeowners will have taken advantage of near-record-low rates to refinance their mortgages.”
Low inventory is undoubtedly impacting the purchase market. Black Knight projects a, “25% reduction in purchase lending in the first quarter would bring total origination volume down 10% from Q4 2020”