In the past week, UrbanTurf has reported on how low mortgage rates compelled a wave of demand for homeowners looking to refinance. Now, a new report is putting some numbers to refinancing demand at the end of the last year.
A new report from ATTOM Data Solutions shows that 1.27 million owners of buildings with 1-4 units secured refinancing mortgages nationwide in the fourth quarter of 2019. This was a 104% year-over-year increase and the highest amount for any quarter since the third quarter of 2013.
In the DC metro area, there were 30,757 refinanced mortgages in the fourth quarter of 2019, a whopping increase of 180% year-over-year.
However, when looking at these numbers, it is important to note that the refinancings from the fourth quarter of 2018 represented the lowest level for a quarter since the third quarter of 2000, when 10,766 mortgages were refinanced.
It remains to be seen whether recent spikes in mortgage rates will tamp down demand — and what impact coronavirus may have on appetites to refinance.
Note: The DC metropolitan statistical area includes Frederick, Maryland and Jefferson County, West Virginia.
This article originally published at https://dc.urbanturf.com/articles/blog/dc-area-mortgage-refinance-applications-up-180/16619.
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