ATTOM Reports U.S. Mortgage Originations Up 19% in Q2

ATTOM, Irvine, Calif., calculated that 1.76 million mortgages secured by residential property were issued in the second quarter, a 19.4% increase from the prior quarter and a 6.3% uptick from the same period last year.

The firm’s U.S. Residential Property Mortgage Origination Report for the second quarter said the $601.7 billion in total dollar volume represented a 22.8% increase from the first quarter and a 10.3% rise year over year. Refinance loans and purchase lending both posted strong quarterly increases, while home-equity lines of credit also ticked upward.

While lending levels remain below their pandemic-era peaks, the Q2 gains were driven more by seasonal momentum and brief rate dips than any broad-based housing recovery, the report said. In particular, refinance lending showed signs of life as some homeowners looked to reset terms during a window of slightly improved rates.

“Mortgage activity perked up a bit in the second quarter, but it’s not a clear signal that the market has turned a corner,” ATTOM CEO Rob Barber said. “The increase in purchase and refinance activity reflects some buyer and homeowner response to marginal rate improvements, but underlying affordability and economic uncertainty continue to hold the market in check. This was a typical spring bounce, not yet a breakout.”

ATTOM reported that total mortgage activity increased quarterly in 201 of the 212 metropolitan statistical areas it analyzed. The largest quarterly gains among metro areas with populations of at least on0e million were found in Indianapolis (up 70.8%); San Jose (up 47.3%); Rochester, N.Y. (up 43.8%); Boston (up 38.0%); and Buffalo, N.Y. (up 35.2%).

In contrast, just 11 of the 210 metros analyzed saw a quarterly decline in overall lending, with the sharpest drops occurring in North Port-Sarasota, Fla. and Myrtle Beach, Fla.