Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
667,466-14,684
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.92%0.02

Mortgage originations down 35% in first quarter

Mortgage originations in the first quarter fell 35% to $325 billion, breaking three consecutive periods of growth and threatening to plunge the market back to 2000 levels, according to a report from Inside Mortgage Finance. The first-quarter drop is the worst experienced since the onset of the recession when mortgage originations plummeted 31.5%, according to a new research report from Federal Reserve Bank of Cleveland researchers Yuliya Demyanyk and Matthew Koepke. The same report cites Mortgage Bankers Association projections which estimates mortgage originations could fall to $1.05 trillion in 2011, the lowest level in 11 years. The report blames a decline in refinancings for the dip in originations. Since refinancings generally contribute to higher origination activity, a drop-off in that segment negatively impacts originations as a whole. The Cleveland Fed Bank report concludes that the only way around declining activity in the refinance segment would be to generate more activity in new home originations—a development the report doesn’t foresee when considering the current lull in home starts and the state of the overall housing market. Write to Kerri Panchuk.

Most Popular Articles

Latest Articles

Safeguarding sensitive data: Essential practices for businesses 

In today’s interconnected digital landscape, information sharing is a fundamental aspect of business operations. However, the exchange of data comes with inherent cybersecurity risks, making it vital for organizations to adopt robust measures to protect sensitive information. This installment of the “Reducing Risk” series focuses on how careful review and encryption of sensitive data before sharing with external parties can mitigate cyber threats, safeguard your business, and strengthen trust with clients. Let’s explore this essential topic in depth.

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please