Citing a prevalence of increasing home buyer demand, Churchill Mortgage says its purchase volume increased 49% year over year from April to September.
Last year, refinances surged as borrowers were seeking to take advantage of historically low interest rates. This year, as interest rates increase, that trend is reversing, and purchases are claiming a larger share of production volume, Churchill explains.
In addition to the year-over-year increase in purchase volume from April-September, the company says, it also realized a 40% increase in the total number of purchases, as well as a 7.81% increase in the average amount per loan – reflecting a rise in home values across the country.
"The spring and summer months are typically when home buying activity is at its highest. This year's growth is especially noticeable with the shift from refinances to purchases," comments Mike Hardwick, president of Churchill Mortgage. "Anticipating this demand, we invested heavily in tools and personnel to ensure our borrowers are provided with the best mortgage and can ultimately achieve debt-free homeownership."
The lender, a wholly owned subsidiary of Churchill Holdings Inc., provides conventional, Federal Housing Administration, Veterans Affairs and U.S. Department of Agriculture residential mortgages across 33 states.