Originations rise to nearly 2-year high after falling to 4-year low

Things looked bleak for the mortgage business earlier this year, as data from the Federal Reserve Bank of New York’s Center for Microeconomic Data showed that the first quarter of this year was the mortgage business’ worst quarter in four years, but maybe it’s not complete doom and gloom after all.
In fact, new data from the New York Fed shows that the mortgage business rebounded big-time in the second quarter of 2019, with originations rising to their highest level since the third quarter of 2017.
According to New York Fed data, mortgage originations, which include mortgage refinances, increased by $130 billion over last quarter’s total of $344 billion to $474 billion, the highest volume seen since the third quarter of 2017.
The common denominator between the second quarter of this year and the third quarter of 2017: interest rates below 4%.
According to data from Freddie Mac, the second half of 2017 was the last time mortgage rates were as comfortably below 4% as they were in the second quarter of this year.

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