First Quarter Residential Mortgage Activity Ended Strong For Tampa Bay
According to ATTOM Data Solutions, home mortgage activity reached the highest level in 14 years in the first quarter of 2021, with 3.77 million residential mortgages secured.
The increase totaled to $1.16 trillion, which is a 71% increase from the first quarter of 2020, was fueled heavily by refinanced mortgages as interest rates remain around 3%.
Refinanced loans accounted for 60.2% of all mortgages in the Tampa Bay metro area in the first quarter. This put Tampa Bay among the five large metros with the lowest percentage of refinanced loans. Tampa Bay also ranked as one of the top five in the percentage of mortgages that were purchase loans (34.9%), the report shows.
Tampa-St. Petersburg-Clearwater refinances increased 127% from Q1 2020 to Q1 2021.
Combined, the Tampa Bay area saw 62,827 mortgages secured by residential properties, an 81% increase over the first quarter of 2020.
Resources: Tampa Bay Business Journal; Attom