Mortgage Apps Surge; Shutdown’s Effect on Housing; Rates Level Off
While the report also looks at how the recent dip in interest rates may impact the demand for refinancing, the main theme of the November 2018 Mortgage Monitor is the shifting origination market. Black Knight's report notes that the first three quarters of 2018 produced the most purchase-dominated market in 18 years. Of the 4.8 million mortgages originated, about 63 percent were purchase originations, the largest percentage since 2000 when purchase originations accounted for about three-quarters of the total, and the rising trend is expected to continue. Even as refinancing has declined, the share of those loans has also been shifting. Steadily moving from rate/term driven demand to cash-out. Only 8.6 percent of all originations in the first nine months of last year were the former, the lowest
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