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Mortgage loan originations have risen just shy of 1 percent since this time last year, totaling over 1.9 million to a $502 billion dollar volume in the third quarter, according to ATTOM Data Solutions’ Q3 2016 U.S. Residential Property Loan Origination Report. In response the election outcome, and subsequent rate increases, refinance originations grew 16 percent, while purchase originations shrunk 11 percent, as well as HELOC originations, down 6 percent.

“The nominal increase in overall originations compared to a year ago masks divergent refinance and purchase loan origination trends during the quarter,” says Daren Blomquist, senior vice president at ATTOM Data Solutions. “Refinance originations increased 16 percent compared to a year ago while purchase originations were down 11 percent and home equity lines of credit (HELOC) originations were down 6 percent. Uncertainty surrounding the outcome of the presidential election may have kept some would-be homebuyers on the sidelines while the prospect of rising interest rates following the election may have prompted many homeowners to refinance to lock in low interest rates.”

The data shake out:

  • A total of 876,633 refinance loans secured by U.S. residential properties were originated in Q3 2016, up 7 percent from the previous quarter. The year-over-year increase in refinance originations followed two consecutive quarters of year-over-year decreases. Refinance originations accounted for 45.7 percent of all loan originations in the third quarter, up from 42.1 percent in the previous quarter and up from 39.5 percent a year ago.
  • A total of 743,880 purchase loans secured by U.S. residential properties were originated in Q3 2016, down 8 percent from the previous quarter. Prior to Q3 2016, purchase originations had increased on a year-over-year basis for nine consecutive quarters going back to Q2 2014. Purchase originations accounted for 38.8 percent of all loan originations in the third quarter, down from 41.4 percent in the previous quarter and down from 43.8 percent a year ago.
  • A total of 298,667 HELOCs were originated in Q3 2016, down 7 percent from the previous quarter. Prior to Q3 2016, HELOC originations had increased on a year-over-year basis for 17 consecutive quarters going back to Q2 2012. HELOC originations accounted for 15.6 percent of all loan originations in the third quarter, down from 16.5 percent in the previous quarter and down from 16.7 percent a year ago.

Loans backed by the U.S. Department of Veterans Affairs (VA), at the same time, swelled to a more-than-10-year high:

  • A total of 143,366 VA loans were originated in Q3 2016, up 2 percent from the previous quarter and up 26 percent from a year ago to the highest level as far back asdata was tracked in the report (Q1 2006). The third quarter marked the second consecutive quarter where VA loan originations increased on a year-over-year basis. VA loans originated in Q3 2016 accounted for 8.8 percent of all loans originated during the quarter, up from 8.6 percent the previous quarter and up from 7.1 percent a year ago to the highest share of VA loans since Q1 2006.

Loans backed by the Federal Housing Administration (FHA), however, declined:

  • A total of 266,404 loans backed by the Federal Housing Administration (FHA) were originated in Q3 2016, down 7 percent from the previous quarter and down 15 percent from a year ago. The third quarter marked the second consecutive quarter where FHA loan originations decreased on a year-over-year basis. FHA-backed loans originated in Q3 2016 accounted for 16.4 percent of all loans originated during the quarter, down from 17.6 percent the previous quarter and down from 19.8 percent a year ago to the lowest share since Q1 2015.

Source: ATTOM Data Solutions

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