Top 10 MSAs with Greatest Numbers of REFIs in Q1 2020

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According to ATTOM Data Solutions’ just released Q1 2020 Residential Property Mortgage Origination Report, refinance loans accounted for 55.7 percent of all 1.92 million home loans in Q1 2020. There were 1.07 million refinance mortgages secured by residential property (1 to 4 units) during the first quarter of 2020. That number was down 16 percent from Q4 2019 but up 87 percent from Q1 2019.

ATTOM’s most recent residential property mortgage origination analysis noted that with interest rates continuing near all-time lows, refinance mortgages originated in Q1 2020 represented an estimated $328.5 billion in total dollar volume. That figure was down 16 percent from Q4 2019 but up 105 percent from Q1 2019.

The report also noted that residential refinance mortgage originations increased, year over year, in 96.9 percent or 186 of the 192 metro areas included in the analysis with a population greater than 200,000 and with at least 1,000 total loans. Among those areas named were Chicago, IL (up 129.3 percent); Los Angeles, CA (up 115.9 percent); Dallas-Fort Worth, TX (up 87 percent); New York, NY (up 71.2 percent) and Houston, TX (up 53.1 percent).

Those areas also posted the greatest numbers of refinance mortgages in Q1 2020, among the metro areas with a population greater than 200,000 and with at least 1,000 total loans. In this post, we unveil the complete list of the top 10 MSAs with the greatest numbers of refinanced mortgages in Q1 2020.

Those areas, also posting high levels of year-over-year increases in the first quarter of 2020, include Seattle-Tacoma-Bellevue, WA (171.3 percent); Washington-Arlington-Alexandria, DC-VA-MD-WV (141.7 percent); Denver-Aurora-Lakewood, CO (141.5 percent); Phoenix-Mesa-Scottsdale, AZ (134.5 percent); Riverside-San Bernardino-Ontario, CA (109.3 percent) and Atlanta-Sandy Springs-Roswell, GA (96.5 percent).

ATTOM’s Q1 2020 residential property mortgage origination analysis also reported that counter to the national trend, the number of refinance loans decreased, year over year, in just six of the 192 metro areas. Those areas were McAllen, TX (down 29.3 percent); Beaumont, TX (down 13.4 percent); Syracuse, NY (down 1 percent); Amarillo, TX (down 0.4 percent) and Youngstown, OH (down 0.4 percent).

In terms of purchase mortgages, according to the report lenders originated 606,703 residential purchase mortgages in Q1 2020. That number was down 12 percent from Q4 2019, but up 13 percent from Q1 2019. The analysis also noted that a total of 244,941 home equity lines of credit (HELOCs) were originated on residential properties in Q1 2020. That figure was down 20 percent from Q4 2019 and down 11 percent from Q1 2019.

Want to learn more about residential property mortgage origination trends in your area? Contact us to find out how!

Please contact us if you have questions about the underlying data referenced in this article, or would like to have access to that data in the form of custom reports, API, Bulk File or DaaS.

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