Liberty Street Economics: Refinance Boom Winds Down

F E D E R A L   R E S E R V E   B A N K   o f   N E W  Y O R K LIBERTY STREET ECONOMICS   Refinance Boom Winds Down   Andrew Haughwout, Donghoon Lee, Daniel Mangrum, Joelle Scally, and Wilbert van der Klaauw    Approximately $8.4 trillion in new mortgage debt originated in the past two years, as a steady upward climb in purchase mortgages was accompanied by an historically large boom in mortgage refinances. The team behind the Center for Microeconomic Data's latest Quarterly Report on Household Debt and Credit takes a close look at mortgage refinances and how they compare to recent purchase mortgages, using the New York Fed Consumer Credit Panel, which is based on anonymized credit reports from Equifax.   READ MORE

 

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