Refi's could see uptick in second and third quarters. (Plummeted 45% in first quarter)


In the first quarter of 2017, refinances fell 45% from the fourth quarter, however the second and third quarters could see a turnaround in refi activity, according to a first look at Black Knight’s soon to be released Mortgage Monitor.

This chart shows refinance activity each week from October through June as refinance candidates fell from 8.6 million to 4.4 million.

Since interest rates fell below 4%, the financeable population rose to its highest point for 2017. While the current 4.4 million borrowers is down significantly from October, it is an increase of 56% or 1.6 million borrowers from mid-March’s low.

Borrowers who refinanced in the first quarter of 2017 cut their monthly mortgage payments by an average of $109 per month, or a total aggregate savings of $36.5 million per month. This marks the lowest total monthly savings since 2008 and a decrease from the fourth quarter’s $59 million.

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Tami L Barber

NMLS #1030737

(423) 943-9269

Encore Lending Group LLC

NMLS #1249911

206 Wesley St, Johnson City TN 37601

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The information contained in this site has been prepared by an independent third party and is distributed for educational purposes only. This is designed to give helpful tips on the mortgage process and is not intended to give legal advice. Information is considered reliable but not guaranteed. This is not a prequalification, preapproval, loan approval or commitment to lend.