A significant month-over-month increase in the volume of purchase-money lending was behind an increase in overall mortgage production.
U.S. residential loans that were originated in March
preliminarily totaled 441,506 mortgages with an aggregate principal balance of $112.149 billion.
That is according to statistics provided to Mortgage Daily by ATTOM
Data Solutions, which indicated that the figures are subject to revision.
Business
picked up from the previous month, when an upwardly revised 379,054 loans were closed for $95.466 billion.
In the same month last year, there were 605,417 loans funded for for $159.599 billion.
During the first-three months of 2017, there have been 1,276,964 mortgages originated for $323.560 billion.
Loans to finance a home purchase accounted for $57.058 billion of the most-recent month’s production, surging 39 percent from February.
A far less dramatic rise was recorded for refinances, which crept up a percent to $55.091 billion.
So far this year, refinance share worked out to 55 percent.
