MBSD - Mortgage originations on pace to surpass $4T this year: Black Knight

Rate lock data suggest mortgage originations will easily exceed $4T this year, the highest level ever, according to Black Knight's latest Mortgage Monitor report.Through the first half of October, overall lock activity was up 4% M/M, with purchase locks up by 6% and refinance locks up 3% so far.What's more, factoring in 45-day lock to close period implies that quarterly records for refinance, purchase, and total origination volumes that were likely reached in Q3 could remain at or near peak levels through November or even longer."Estimated origination volumes based on underlying locks suggest both Q3 refinance and total originations could be up 25% or more from Q2 while purchase lending could be up by 35% or more," said Black Knight Data & Analytics President Ben Graboske. "This would push 2020 purchase lending to the highest level since 2005 and both refinance lending and total origination volumes to their highest levels

For further details see:

Mortgage originations on pace to surpass $4T this year: Black Knight