An analysis by Urban Institute finds that mortgage refinance activity played a significant role in the housing crisis. Defaults were more common and losses were higher on refinance mortgages than purchase mortgages. Between 2006 and 2007, 16 percent of refinance mortgages were delinquent for more than 180 days, compared to 10 percent of purchases loans. This analysis shows that mortgage refinance activity played a greater role in the housing crisis than home purchase activity.