As consumers rushed to take advantage of unprecedented mortgage rates, mortgage originations in metro Denver hit their highest levels since the fall of 2005, according to a report last week from ATTOM Data Solutions.

Going by the numbers from ATTOM, in metro Denver, there were 54,837 mortgage originations in the second quarter, including purchase mortgages, refinancings and home equity lines of credit. That’s the highest total since the third quarter of 2005, when there were 61,264 originations.

Data also shows that mortgage originations are up 40.3% from the first quarter and 65% from the second quarter of 2019. Most of that gain came from refinancings, which accounted for 36,898 or 67.3% of all mortgages issued in metro Denver.

Additionally, mortgage refinancing is up 58.6% from the first quarter and 160.5% from the same quarter a year earlier in metro Denver, surpassing the more than 100% gain measured nationally over the year.

A study from United Home Loans, the nation’s largest VA lender, measured a 143% spike in originations in Denver year-over-year, with purchase mortgages up 13.7% and refinance mortgages up 272%. The study measured data from October 2019 to June 2020.

The study also showed millennial borrowers were also driving a disproportionate share of the activity, especially on the purchase side. Originations for VA purchase mortgages among Denver area millennials were up 28% in the 9-month period, but down 21% among Gen X and flat among older generations.

No one can predict the future, but Denver’s real estate market isn’t showing many signs of cooling off. With exceptionally low rates, could now be the ideal time to become a homeowner? Contact Metrowest today – we’d love to go over your options!