The year 1993 may have been the single most eventful period in the history of the mortgage industry. Just look at some of the things that happened.
The Refinancing Boom. With interest rates in an almost unbroken decline throughout the year, refinancings reached record levels and pushed mortgage originations to about $1.1 trillion as purchase originations also showed strength. That figure was almost double the level of any previous year but 1992, when $890 billion was lent to homeowners.