The dollar volume for all mortgage originations in 2016 was nearly $2 trillion, according to a new analysis from CoreLogic
. Last year’s origination total, which included both purchase and refinance activity, represented a 15 year increase over the level set in 2015, while the total number of originations—nearly eight million—increased 10 percent from 2015.
However, refinancing originations were more prevalent, accounting for more than half of the mortgages originated last year. The 2016 refinancing activity was up 19 percent in dollars and 13 percent in number from 2015, while purchase originations increased year-over-year by 11 percent in dollars and seven percent in number.
Furthermore, CoreLogic determined that the government share of first-lien mortgages held steady at 25 percent in 2016, while the average 30-year mortgage interest rate for the year was 3.65 percent.