Californians Refinancing at Slower Pace Than in 1992
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The number of California homeowners who refinanced their mortgages dropped by more than a third in the first quarter of 1993 compared to the previous quarter, according to TWR REDI Property Data.
Between January and March of this year more than 250,000 Californians took advantage of mortgage rates that are the lowest since 1972 and refinanced their home loans. This is down by more than 30% from the previous quarter.
In 1992 and so far into 1993, TRW REDI’s statistics indicate that more than 1.6 million homeowners in California have refinanced their home loans. This represents a third of all homeowners in the state.
California Top 10 Refinance Lenders
Top California refinancing lenders for the first quarter of 1993.
Lender No. of Loans Amount (bill.) Market Share Countrywide Funding 6,745 $1.1 3.5% North American Mortgage 6,477 $1.0 3.1% Bank of America 10,664 $0.9 2.9% Home Saving of America 4,797 $0.8 2.4% Great Western Bank 6,908 $0.7 2.3% First California Mortgage 4,507 $0.6 2.1% World S&L; 3,692 $0.5 1.8% Plaza Funding Corp. 3,554 $0.5 1.8% Wells Fargo Bank 6,510 $0.5 1.8% First Franklin Financial 2,396 $0.4 1.3% Total 254,551 $32.1 100.0%
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