Markets & Economy

Daily market update: June 5, 2017

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Most recent market news

Monday, June 5

Black Knight’s Mortgage Monitor: Q1 2017 Originations Fall 34 Percent, Led By 45 Percent Drop in Refinance Lending; Despite Recent Rate Softening, Home Affordability Remains Near Post-Recession Low

“Overall, first lien mortgage originations fell by 34 percent in the first quarter of 2017,” said Black Knight Data & Analytics Executive Vice President Ben Graboske. “As expected, the decline was most pronounced in the refinance market, which saw a 45 percent decline from Q4 2016 and were down 20 percent from last year.”

  • Because of the upward interest rate shift seen in Q4 2016, Q1 2017 purchase and refinance originations have both seen significant quarterly declines in volume.
  • Refinance lending among higher-credit-score borrowers saw a quarterly decline of 50 percent.
  • After surpassing their pre-crisis peak for the first time in February, home prices rose another 1.3 percent in March – the largest monthly increase in nearly four years.

Mortgage rates

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