Mortgage bankers originated $590 billion of new mortgages in 2006:IQ and $633 billion in 2006:IIQ, the lowest first- and second-quarter increases since 2002. Rising mortgage rates left little incentive for new refinancings, which constituted 35% of originations in 2006:IIQ, a significant drop from their peak share of 74% in 2002:IVQ.
Suggested citation: “Mortgage Lending,” Federal Reserve Bank of Cleveland, Economic Trends, no. 06-09, pp. 17, 09.15.2006.