Mortgage activity is soaring with total mortgage origination balances reaching $466 billion in the first quarter, according to Equifax National Consumer Credit Trends Report. This is nearly 75-percent above the same time last year.
The bulk of the growth has been to first mortgages, which rose nearly 80 percent compared to the first quarter of 2014. However, lending conditions still remain tight, Equifax's data shows. About 4.5 percent of new first mortgage accounts were issued to consumers with credit scores below 620 -- a score most often used to describe subprime credit.