According to Equifax data published by the New York Federal Reserve, mortgage originations nearly hit $1.2 trillion in Q4 2020, with refinances accounting for roughly 60 percent of that total. The refinancing boom became even more apparent in early 2021, as existing homeowners refinancing their debt accounted for a whopping 70 percent of $1.3 trillion in mortgage originations in the first three months of the year according to Freddie Mac.
