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Home purchase lending reaches decade high

Home purchase lending in the second quarter reached the highest level since 2007, but overall lending lagged behind last year’s pace on a steep drop in refinancing activity, Black Knight reported.

Purchase originations totaled $321 billion in the second quarter, up 6 percent from the same quarter a year ago. Overall lending in the quarter, including refinancing, totaled $467 billion, which is down 16 percent compared to the same quarter a year ago. Lending volume was up 20 percent compared to the first quarter, however.

Refinance lending made up just 31 percent of all the second quarter originations, the lowest share in more than 16 years. The overall refinance volume was down 20 percent compared to the first quarter, Black Knight said.

Purchase-loan counts, while increasing, are still running about 30 percent lower than the pre-crisis average. There also are 65 percent fewer purchase loans being originated to borrowers with credit scores below 720 than in pre-crisis years, Black Knight said. 


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