Markets & Economy

Loan originations up 17 percent from a year ago in 1Q

Refinance loans accounted for more than two-thirds of those originated in the quarter

Lenders and banks originated approximately 1.6 million loans on single-family homes and condos in the first quarter, a dip of 6 percent from the previous quarter and a 17 percent jump from a year ago, according to RealtyTrac's first quarter U.S. Residential Loan Origination Report. The first quarter's total loan volume of $377 billion represents a 1 percent downshift from the previous quarter and a 32 percent jump from a year ago. Refinance loans accounted for more than two-thirds (67.8 percent) of the $377 billion in loans originated in the first three months of the year, marking the third quarter in a row that the proportion of refinance loan volume has increased. The 471,822 purchase loan originations in the quarter represented a drop of 25 percent from the fourth quarter and a 1 percent increase from a year ago. The 1,080,043 refinance originations in the first quarter marked an increase of 6 percent from the previous quarter and an increase of 27 percent from a yea...