After all, stripping properties of every last drop of home equity was one of the reasons we saw the worst mortgage crisis in decades. And that’s probably a good thing, at least for now. So sure, purchase mortgages are up, and home prices are up, but cash out refinancing is a blip. That was down from $19.0 billion a year earlier, and not even in the same galaxy as the peak cash out refinance volume of $102.3 billion seen during the second quarter of 2006.
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Speaking of cash out, Freddie Mac noted this week that adjusted for inflation in 2017 dollars, an estimated $14.8 billion in home equity was cashed out when refinancing a conventional prime-credit home mortgage in the fourth quarter. Overall, home purchase mortgages grabbed 63.4% of the mortgage market last year, which wasn’t unexpected, seeing that rate and term refinances have largely dried up, and most homeowners have yet to really get into the whole cash out refinance game again. Total home refinance activity plummeted 35.6% from 2016 numbers to an estimated $662 billion. While home purchases ended the year nicely, mortgage refinances didn’t fare so well. This might be a testament to the difficulty in moving up to a larger home or even downsizing at the moment. Loan volume for first time buyers was up 4.1% from 2016, while volume for repeat buyers inched up a mere 0.3%. These first-timers accounted for nearly half (48.6%) of purchase mortgages backed by Fannie Mae, Freddie Mac and Ginnie Mae ( FHA loans and VA loans).
Let’s just hope the newcomers don’t get burned like the group before them.The investors seemed to have mostly disappeared.Which tells you who’s buying a home these days.Nearly half of purchase mortgages went to first-timers.First-Timers Accounted for Half of Purchase Mortgages
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