Lenders across Massachusetts benefitted from a big surge in demand for mortgage refinancings.

Once mortgage rates dropped by more than 50 points over May and June last year, whatever lenders had forecast at the beginning of the year, they soon pivoted, leading to one of the biggest surges in refi activity since the Great Recession. 

 Thanks to a confluence of factors, including highly publicized Federal Reserve interest rate cuts, the average interest rate on a 30-year fixed-rate mortgage dropped from 4.51 percent as of Jan. 3, 2019, to a low of 3.49 percent as of Sept. 5 before closing the year out at 3.72 percent. 

“The challenge we have in the mortgage business is one of a highly volatile and unpredictable environment, which is caused by a volatile political environment and global economic environment,” said Jay Tuli, executive vice president of retail banking and residential lending at Leader Bank. 

As conditions changed, several lenders rose to meet the opportunity. 

To read the full story and see the rankings of banks, credit unions and mortgage companies, visit our Top Lenders special section.