Research published by ATTOM Data Solutions revealed that residential refinance mortgages more than doubled towards the end of 2019. The company's fourth-quarter 2019 U.S. Residential Property Mortgage Origination Report showed 1.27 million refinance mortgages for residential properties were originated in Q4.
"With interest rates near all-time lows, the refinance mortgages originated in the fourth quarter of 2019 represented an estimated $391.3 billion in total dollar volume, up 19 percent from the previous quarter and up 138 percent from a year ago to the highest level since the first quarter of 2013," according to the report.
"The fourth quarter was a banner period for residential mortgages across the United States, as declining interest rates and a strong economy helped spur more than 2 million borrowers to sign on for new or refinanced loans," said Todd Teta, chief product officer at ATTOM Data Solutions, according to a release.
Refinance originations were the most nationwide, including big cities like Chicago, New York and Los Angeles. Meanwhile, purchase mortgage originations increase 3% from 2018 to 2019.
To learn more about ATTOM Data Solutions' findings, click here.