Where did people buy houses in 2016?
The numbers behind Rate’s success
Rate was founded and continues to thrive in Chicago. Naturally, the state with the most funded volume in 2016 is Illinois, with more than $6.88 billion in combined purchase and refinance loans. California comes in second place with $3.93 billion funded, and Massachusetts third at $3.04 billion.
Source: Rate’s funded loan data, 2016
Illinois also leads the way in funded volume for home purchases with $3.55 billion. Massachusetts and California flip-flop here, with the East Coast nudging the West Coast for second place, $1.78 billion to $1.4 billion.
Source: Rate’s funded loan data, 2016
For refinance volume, Illinois again takes the top spot at $3.32 billion. California establishes itself as the next biggest refi market by far, outpacing Massachusetts nearly two to one, $2.49 billion to $1.25 billion.
Source: Rate’s funded loan data, 2016
In Nebraska, Indiana, Tennessee and Pennsylvania, many more people are buying homes than refinancing. Maine and Florida also show significantly more purchase than refinancing activity.
Source: Rate’s funded loan data, 2016
2016 was a record year for Rate. The company funded over $22.8 billion in mortgage loans for the year, marking a 23% jump from 2015 and a 84% surge over two years.
Source: Rate’s funded loan data, 2016
Over three years, the number of loan officers at Rate who funded over $50 million went from 34 to 105.
Source: Rate’s funded loan data, 2016
Over three years, the number of loan officers at Rate who funded over $100 million went from 6 to 33.
Source: Rate’s funded loan data, 2016
Rate’s overall purchase to refinance ratio is consistently 1:1 or above, demonstrating a high diversity of customers and mortgage products.
Source: Rate’s funded loan data, 2016
Rate’s customer satisfaction rating is at 97%.
Rate’s Client Satisfaction Surveys (Averaged 2023)