First-quarter Refinancings Were Unusually High

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Mortgage refinance loans have more than doubled over the past year as homeowners rush to lock in historically low mortgage rates. Lenders refinanced about 2.55 million mortgages in the first quarter of this year, a 113% jump from the same time period in 2020, according to real estate research firm ATTOM Data Solutions.

“Homeowners lined up to refinance their loans in ever-growing numbers during the first quarter of 2021, making for a highly unusual quarterly increase in total lending activity for that time of year,” says Todd Teta, chief product officer at ATTOM Data Solutions. “The home-mortgage industry almost always slows down in winter, but not this year because of so many homeowners hopping on super-low interest rates to reduce their monthly payments. Eventually, the refi side of the lending business will ease up after enough homeowners get in on the good deals.”

But there’s no sign of that happening anytime soon, Teta adds. The metro areas seeing some of the largest upticks in refinance activity are:

• Las Vegas (up 37.2%)
• Milwaukee (up 31.8%)
• Atlanta (up 31.3%)
• Providence, R.I. (up 31.2%)

ATTOM Data Solutions’ Q1 2021 U.S. Residential Property Mortgage Origination Report shows the following top 10 refi mortgage lenders nationwide.