DC Area Refinance Applications up 180%
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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.
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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.
See other articles related to: attom data solutions, mortage refinance, refinancing
This article originally published at https://dc.urbanturf.com/articles/blog/dc-area-mortgage-refinance-applications-up-180/16619.
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