Mortgage lenders handled ballooning volumes last year, driven mainly by refinances to take advantage of extraordinarily low interest rates, according to the latest statistics from the Federal Reserve. So reports Reuters.
The Fed said that originations surged by roughly 5.3 million, or 67.1%, last year, versus 2019 levels.
Refinances for one- to four-family properties spiked 150% and loans to buy a home rose 6.7.%
Read the full article from Reuters.