Growth was primarily due to a surge in refinance and home equity lending
Nov. 25, 2024
sorapop / stock.adobe.com
Refinancing and home equity loans led most of the mortgage lending activity during Q3 2024.
Mortgage loan rejections shot up last month, but recent data show that mortgage lending improved over the course of Q3 2024. According to property information provider ATTOM’s U.S. Residential Property Mortgage Origination Report, 1.67 million loans were issued during Q3 2024, which is a 1.9% increase from the previous quarter. This growth was driven by a rise in refinance loans and home-equity loans—which were up by 6.9% and 2.3%, respectively—ultimately making up for the 1.7% dip in home purchase loans
Total activity rose for the second quarter in a row – a pattern that hadn’t happened since early in 2021. But the latest figure still remained 60 percent behind a recent high point of 4,165,695 hit in the first quarter of 2021 when average 30-year mortgages rate hovered around 3 percent.Read more
