Mortgage Originations Took Off in 1st Quarter 2015

According to Equifax’s recent National Consumer Credit Trends Report, mortgage originations boomed in the first quarter of 2015. Compared to first quarter 2014, total mortgage origination balances increased by 74.4%. Leading the increases in mortgage origination activity were first mortgages which were 79.9% greater than the same time last year. Home equity lines of credit (HELOCs) and new home equity installment loans also saw increases, rising 30% and 13.6% respectively.

Equifax’s Chief Economist, Amy Crews Cutts, attributed the strong gains in mortgage originations in the first quarter to low interest rates and a surge in refinance activity. Crews Cutts stated, “While rates have recently reversed that trend and are back up to about 4%, they remain extremely low historically. These rates, coupled with a housing market that is showing signs of vigor, should carry the mortgage business over the summer.” Read the full report at http://bit.ly/1eYwOFO.

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