Maybe it’s due to the inability to find property, but demand for mortgages remained low in April, according to new numbers reported by Inman.
Analytics firm Black Knight’s Originations Market Monitor shows purchase loans accounted for 55 percent of mortgage originations in April 2021, up from 52 percent the month prior.
Demand, however, for both purchase mortgages and refinancing fell in April. Inman notes that because refinancing took a bigger hit, purchase loans picked up additional market share.
According to Black Knight, cash-out refis were down 13 percent month-to-month, and rate-and-term refinancings were 20 percent. Rate lock purchases dropped just six percent.