Real estate loan originations continued strong growth in the last three months of 2016 as homeowners continued to refinance despite — or perhaps because of — rising mortgage rates, according to an ATTOM Data Solutions' report released Thursday.
Banks, credit unions and online companies originated $461 billion in real estate loans in the fourth quarter, 8% more than in 2015's fourth quarter, according to the Irvine, Calif.-based real estate analytics company's Q4 2016 U.S. Residential Property Loan Origination Report.
Fourth-quarter 2016 originations consisted of:
- Purchase loans of $161 billion, down 25% from the previous quarter and down 8% from a year ago.
- Refinance loans of $246 billion, down 5% from 2016's third quarter but still up 27% from a year ago.
- Home equity lines of credit of $53 billion, down 12% from the previous quarter and down 8% from a year ago.
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