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Mortgage originations in the U.S. 2012-2020, by type

Purchase loan mortgage originations in the second quarter of 2020 amounted to 348 billion U.S. dollars and refinance loan mortgage originations amounted to 580 billion U.S. dollars. Refinance loans were more popular than purchase loans for a long time until this trend changed in early 2014, but refinance loans regained their popularity in the final quarter of 2019.

Purchase vs refinance loans

A purchase loan is the classic type of mortgage which describes the process by which a home buyer borrows money from a mortgage lender. On the other hand, a refinance loan is obtained by homeowners to replace their existing mortgage with a new loan, which usually reduces the monthly payments, the interest rate or changes it to a fixed rate mortgage.  

Why the trend has changed

The value of refinance loans had been falling since mid-2013, because the Federal Reserve had been continuously increasing the interest rate since 2014. However, the Fed dropped the funds rate three times in 2019 in response to the inverted yield curve in March, which accounts for the increase throughout 2019.

Mortgage originations on one-to-four family properties in the United States from 1st quarter 2012 to 2nd quarter 2020, by type

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Source

Release date

August 2020

Region

United States

Survey time period

Q1 2012 to Q2 2020

Special properties

as of February 2020

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Statistics on "Mortgage industry of the United States"

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