Inman Connect In order to survive the year lenders just came through, they were forced to dominate 2020 mortgage refinances to meet the boom brought on by low interest rates. While purchase originations were up, driven by an unprecedented demand for new homes, refinances were the product that truly dominated mortgage lending in 2020. The refinancing share of total originations by dollar volume increased to 55 percent in 2020 from 34 percent in 2019, according to the Mortgage Bankers Association’s Annual Mortgage Bankers Performance Report. For the mortgage industry as a whole, the MBA estimates production volume at $3.83 trillion in 2020 – the highest annual volume ever reported and up significantly from $2.25 trillion in 2019.