Fidelity National, a provider of title insurance, technology and transaction services to the real estate and mortgage industries, reported earnings of $0.67 per share for the second quarter, beating Capital IQ expectations by $0.01.

Revenues also rose 7% annually to $2.13 billion, beating the Capital IQ consensus of $2.1 billion. The revenues increased from last year’s $2 billion.

"We experienced continued mid-single digit growth in the purchase market, a slight decline in commercial revenue and lower refinance closings, yet we still were able to generate a 16.5% adjusted pre-tax title margin,” Chairman William Foley said.

The second quarter’s net earnings $187 million and adjusted net earnings of $207 million increased from last year’s net earnings of $160 million and adjusted net earnings of $187 million.

“With the decline in interest rates in late June, we have already begun to see a meaningful increase in refinance openings in the last three weeks, which bodes well for improved third-quarter refinance closings,” Foley said.

In addition, it seems the company’s Black Knight ownership stake is helping its earnings and generating revenue.

"Black Knight continued its strong financial performance this quarter, generating revenue of $256 million,” Foley said. “FNF's Black Knight ownership stake is currently worth approximately $3.2 billion, or more than $11 per FNF share."

The good news on refinances is tempered by some experts who think the refinance trend could be coming to a close. According to Capital EconomicsBrexit's impact is waning, with less effect on the housing market, and possibly higher mortgage rates.