Monthly home-lending volume recently soared thanks to strong refinancing activity. But the nation’s mortgage production is poised to tumble.
During October 2016, U.S. mortgage banking firms originated 916,958 residential loans with an aggregate principal balance of $242.8 billion.
The production total, which excludes home-equity lines of credit and junior liens, significantly increased from a year earlier, rising 69.7 percent.
Source: Mortgage Daily