Mortgage lenders are refocusing on home buyers to drum up business during a slowdown in refinancing. The shift means home buyers are better positioned to negotiate a lower interest rate.
Mortgage Originations Are on Pace for Best Year Ever
Record-low interest rates and strong demand for homes boost lenders during Covid-19 pandemic
The boom in mortgages for homes including this Jacksonville, Fla., development has extended into the final quarter of 2020. Photo: Charlotte Kesl for The Wall Street Journal By Dec. 10, 2020 5:30 am ET
Americans are poised to take more mortgages this year than they did even during the run-up to the 2008-09 financial crisis.
In the first nine months of the year, lenders extended $2.8 trillion of mortgages, according to industry-research firm Inside Mortgage Finance. The boom has extended into the final quarter of 2020, prompting analysts to predict origination volume will exceed the prior record of $3.7 trillion in 2003.