After a lull in refinancing activity, it now accounts for nearly as much of the mortgage market as purchase loans, with 40.2% versus 41.4%. Homeowners are increasingly looking to refinance their existing mortgages or borrow against their equity for expenses, according to ATTOM CEO Rob Barber. Home equity lines of credit (HELOCs) have also risen, comprising 18.2% of the market as interest rates decrease. Despite a quarterly downturn in originations, year-over-year data shows resilience, particularly in the demand for refinancing options in a transitioning housing landscape.
Mortgage refinancing is regaining popularity, now nearly matching purchase loans, as homeowners leverage equity to restructure their mortgages amidst changing economic conditions.
The data indicates that more homeowners are opting to refinance instead of purchasing new properties, reflecting a significant shift in the mortgage landscape.
Home equity lines of credit (HELOCs) are increasingly popular, with an 18.2% market share, fueled by high tappable equity and lower interest rates, according to ATTOM.
Despite a decline in total originations, ATTOM reported that residential origination volume increased year over year, indicating a persistent demand for refinancing solutions.
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