Re-financing paperwork
June 1, 2017

Rising Mortgage Rates Drag Down Refinancing Activity

Loan-Origination Also Falls Sharply in the First Quarter

  • First-quarter refinancing and loan-origination numbers were down substantially on a quarter and monthly basis, as rising mortgage rates caused some homebuyers to pause.
  • Thirty-year, fixed-rate mortgages averaged 3.95 percent for the week ended May 25, a 2017 low.
  • Mortgage rates are likely to increase again in June, as the Federal Reserve is expected to raise interest rates.

 

Though mortgage rates remain low by historic standards, the increases that began last year had a significant impact on both refinancing and loan-origination activity in the first quarter of this year.

According to ATTOM Data Solutions’ latest U.S. Residential Property Loan Origination Report, there were 675,899 residential refinance loans secured in the first quarter, a 36 percent decline from the fourth quarter of 2016 and a 22 percent decline from one year earlier. Refinancing dollar volume saw similar quarterly and annual and drops, falling to $167.9 billion, the lowest since the company began tracking that statistic 11 years ago.

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About The Mark Company

The Mark Company is one of the nation’s premier urban residential marketing and sales firms. Founded by Alan Mark in 1997, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States. The firm is a trusted partner to global leaders in residential development and finance, providing buyer-driven sales and marketing strategies that produce industry-leading results. The Mark Company has represented more than 10,000 residences and generated over $5 billion in sales for some of the nation’s most notable and successful developments including The Infinity in San Francisco, Evo in Los Angeles and The Martin in Las Vegas. Current projects include 181 Fremont Residences and The Austin in San Francisco and Cavalleri in Malibu. The Mark Company is a subsidiary of San Francisco-based Pacific Union International, the eighth-largest residential real estate brokerage in the U.S. based on 2016 sales volume of $10.15 billion. Pacific Union merged with Los Angeles-based brokerage John Aaroe Group in December 2016. This strategic business collaboration links three of the strongest residential real estate firms on the West Coast, supporting combined 2016 production of $10.1 billion by 1,161 real estate professionals in 38 offices throughout California. For more information, please visit www.themarkcompany.com.