Refinance Wave Continues to Lose Steam in 2013, Purchase-Mortgage Rebound Cant Cover Decline
September 19, 2013
The decline in refinance mortgage lending that began in early 2013 continued into the third quarter, with refi originations moving to their lowest level in two years. According to a new Inside Mortgage Finance ranking and analysis, refinance mortgage production fell 12.9 percent from the first quarter of 2013 to the second, with an estimated $332.0 billion in new originations for the period. Refinance production has continued to decline since the end of June. Securitization of refinance loans by Fannie Mae, Freddie Mac and Ginnie Mae declined...[Includes three data charts]