Chicago mortgage refis soared in 2020

Record-low interest rates and strong housing market powered increase

Chicago /
Mar.March 05, 2021 02:35 PM
(iStock)

(iStock)

The Chicago housing market ended 2020 on a high note, a trend that also helped boost mortgage refinancings.

Just over 183,500 mortgage refis were recorded in the Chicago area last year, twice the number tallied in 2019, according to Crain’s, citing a report from Attom Data Solutions. The final quarter alone saw nearly 70,000 refinancings, according to the report. That was a 44 percent jump from the same period the year before.

The hot residential market coupled with record-low interest rates helped drove the refinancing surge. Chicago also saw a sharp rise in the number of new home mortgages — up 67 percent to more than 77,000.

Across the country, home refinancings jumped 71 percent in 2020, with Seattle seeing the largest gain, the Attom data found.

More recent events, however, have slowed that roll nationwide. Last week, the average rate for a 30-year, fixed-rate mortgage increased to 3.23 percent up from 3.08 percent, according to recently released data from the Mortgage Bankers Association. At the start of 2020, the 30-year rate was 3.72 percent, compared to 2.67 percent at year-end, Crain’s reported.

[Crain’s] — Alexi Friedman


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