Mortgage bankers originated $848 billion of new mortgages in 2004:IIQ, partially reversing the slump that began in 2003:IVQ but falling far short of the $1.2 trillion peak reached in the third quarter of the same year. Refinancings constituted 49% of originations in 2004:IIQ, below their all-time record of 74% in 2002:IVQ but stable around their recent low of about 50%. Relatively stable mortgage rates left little incentive for new refinancings.
Suggested citation: "Mortgage Lending," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-09, pp. 17, 09.01.2004.