California Sees Large Refinance Boom

No doubt spurred by the uncertainty surrounding the US presidential election, Californians led the country in refinance originations. According to the U.S. Residential Property Loan Origination Report there were 876,633 refinance originations in the third quarter of 2016, an increase of 16 percent over 2015.

Analysts agreed that the election along with concern over the likelihood of rising interest rates led many homeowners to lock in rates which are still historically low.

In Northern California, San Jose saw a 65 percent increase in refinancing-activity gains while San Francisco and Sacramento saw activity rising by over 50 percent.

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