ATTOM: Mortgage Lending Up in Q2 From Q1

(Image courtesy Sora Shimazaki/

ATTOM, Irvine, Calif., reported the total number of mortgages secured by residential property rose from the first to second quarter, ending Q2 at 1.56 million.

That’s up 21% from first quarter–the first such increase in two years–but down 38% year-over-year. Lenders issued $494 billion in residential mortgages, up quarterly by 23%, but down annually by 41%.

Per ATTOM’s 2023 U.S. Residential Property Mortgage Origination Report in the second quarter, there was a 29% quarterly jump in loans for home purchasers, a 14% increase in refinance packages and a 13% increase in HELOCs.

In terms of loan types, purchase loans were about half of all mortgages, refinance loans were about one-third and HELOCs were at a bit less than 20%. That’s a notable contrast from two years ago, when interest rates were extremely low and refinance deals were two-thirds of all activity.

“Home buyers and owners alike lined back up again at the doors of mortgage lenders this spring seeking loans of all kinds. It looks like owners took advantage of the small rate drop to refinance existing loans, while a jump in mortgages for purchasers was likely fueled by a number of forces that pushed the overall housing market to heat back up during the Spring buying season,” said Rob Barber, CEO at ATTOM. “Buyers also might have jumped back in amid worries about even more rate increases that could have priced them out of a new home.”

ATTOM reported FHA loans rose as a portion of all lending for the seventh consecutive quarter, at 13.8% of residential property loans originated and up both quarterly and annually. VA loans were 5.5% of the total, flat from the previous quarter and up slightly from last year.

The median single-family home loan increased in Q2, to $324,000, up 6.6% from last quarter, although down 2.3% annually.

The median down payment, at $31,500 on single-family homes and condos, was up 19.1% from the first quarter.