Mortgage Industry News
« Return to Mortgage Industry News
Refinance Activity Broke an Almost 9-Year Record in February
Thursday, March 18, 2021
It hasn't exactly been a scramble, but homeowners have
stepped up their refinancing activity over the last two months as they saw
interest rates begin a slow but steady march higher. The February Origination Insights Report
from ICE Mortgage Technology shows the refinancing share of all loans
originated during the month moved 1 point higher to 68 percent. This is an 8
point increase from December's 60 percent share. The conventional loan share of
refinancing is up 7 points over the last two months. ICE says that a 68 percent
refinancing share is a figure not seen since December 2012. The 30-year rate for all closed loans and conventional loans rose 1 basis
point each to 2.89 percent and 2.92 percent, respectively compared to the prior
month. Thirty-year rates for FHA loans held steady at 2.86 percent and VA loans
were unchanged at 2.60 percent.
Read Full Article