Total mortgage originations, including purchasing and refinancing applications, declined by 16% in the fourth quarter of 2016 to 470,000 from 561,000 in the third quarter of 2016, according to Brian Turner, president and chief economist of Meridian Economics in Plano, Texas.
Based on Meridian's analysis of federal data, mortgage applications totaled 232,000 in the fourth quarter down from 298,000 in the third quarter. In addition, refinance applications amounted to 238,000 in the last quarter of last year, down from 263,000 in the third quarter.
Although total mortgage originations fell to 470,000 in 2016's final quarter, it was higher than the 405,000 mortgage originations at the end of the fourth quarter of 2015.
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