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DMS Shines Light On Rise Of Refinance Mortgage Inquiries From Affluent Credit Consumers

September 30, 2019 Digital Media Solutions

Clearwater, FL – September 30, 2019 — Digital Media Solutions® (DMS), the fastest-growing independent digital performance marketing company in the U.S., released its Q2 2019 Refinance Mortgage Consumer Profile Report. The report, published by DMS Consumer Finance, highlights refinance mortgage market audience trends for the period of January 2017-June 2019, with an emphasis on April-June 2019. Standout highlights from the report include:

  • Improved Refinance Market: After a period of low attention due to higher interest rates, the first half of 2019 has been a story of climbing refinance demand. In January, rates for 30-year mortgages averaged 4.51%. By the end of June, rates were down to 3.73%. The Federal Reserve action of lowering the benchmark interest rate in July and again in September likely secured a strong refinance market for the remainder of 2019 and beyond.
  • Decrease In Mortgage Balances: Every region of the U.S. saw a decrease in mortgage balances in Q2 2019 compared to 2018. The largest decrease in estimated home mortgage balances for prospective refinance mortgage borrowers (18.9%) was seen in the Northeast, and the smallest decrease (4.9%) was in the West.
  • Trends In Location Of Refinance Inquiries: Throughout 2017, 2018 and the first half of 2019, more than half of all refinance inquiries came from just 10 states, with eight states consistently on that top 10 list since 2017. Texas, Florida and California have reliably been the three states with the greatest concentration of refinance inquiries.
  • Increased Home Values: Average home values for prospective refinance borrowers were up 7.3% in Q2 2019, but the home value shifts have been inconsistent and regional.
  • Shift In Consumer Segments: The two new consumer segments for the refinance market in Q2 2019 consist of older, moderate and middle income city and rural renters and home owners with and without children. These segments replaced affluent and high-income suburban home owners and renters without children.

The data used for this report comes from a set of inquiries submitted by consumers seeking to be matched with lenders for mortgage loans. Not all inquiries submitted were matched to mortgage lenders. Only inquiries with consumer-estimated credit scores of “fair” or better were included in the data set used for this report. Neustar ElementOne consumer data was appended to provide consumer attributes. All data reported is aggregate.

The full report and additional insights can be downloaded here.

About Digital Media Solutions®

Founded by a team of lifelong athletes, Digital Media Solutions, LLC (DMS) is the fastest-growing independent digital performance marketing company. DMS deploys diversified and data-driven digital media customer acquisition solutions that deliver scalable, sustainable and measurable marketing results. The company’s precision performance marketing solutions connect the right consumers with the right offers at the right time to achieve the marketing objectives of clients in highly competitive industries. DMS continues to experience explosive year-over-year growth, with continuous recognition on the Inc. 5000 list, securing its sixth consecutive ranking in 2019, and the Entrepreneur magazine 360 list. Named one of America’s “Best Places to Work” by Inc. magazine and awarded the 2018 Excellence in Lead Generation Award by the LeadsCouncil, DMS brings together some of the industry’s most knowledgeable people, efficient processes and sophisticated technology across the digital marketing spectrum. The company continues to deliver on its strategic mission, which is backed by its board of investors including multi-billion-dollar Canadian private equity firm Clairvest Group. For more information about DMS, visit digitalmediasolutions.com. Keep up with DMS news at insights.digitalmediasolutions.com and connect with us on LinkedIn at www.linkedin.com/company/digital-media-solutions-group.

© 2019 Digital Media Solutions, LLC. All Rights Reserved. Digital Media Solutions and its logos are trademarks or registered trademarks of Digital Media Solutions, LLC. All other company and product names referenced herein are the property of their respective owners.

About the Author

Digital Media Solutions

Digital Media Solutions, LLC (DMS), the largest single entry point for scalable and reliable, martech-enabled digital marketing solutions, deploys a robust database of consumer intelligence and leverages massive proprietary media distribution to provide customer acquisition campaigns that grow businesses, offer visibility into the customer experience and provide accountability for every media dollar spent. DMS continues to experience explosive year-over-year growth, with continuous recognition on the Inc. 5000 list, securing its sixth consecutive ranking in 2019, and the Entrepreneur magazine 360 list. Named one of America’s “Best Places to Work” by Inc. magazine and awarded the 2018 Excellence in Lead Generation Award by the LeadsCouncil, DMS brings together some of the industry’s most knowledgeable people, efficient processes and sophisticated technology across the digital marketing spectrum.

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