U.S. Purchase Mortgages Fall 19% to 581,261, Lowest Since 2014

6 articles · Updated · Weekly Real Estate News · May 28

ATTOM counted 581,261 purchase mortgages in the first quarter, down 19% from the prior quarter and the lowest quarterly total in 12 years.
Higher home prices and mortgage rates kept buyers under pressure, extending the early-year seasonal slowdown that also pulled down refinancing and home-equity lending.
Across all residential lending, 1.57 million mortgages were originated for $577.7 billion, down 13% and 12% from Q4 but still up 5% and 15% from a year earlier.
Refinancing fell 7% quarter over quarter to 715,818 loans yet made up 45.6% of originations, while HELOCs dropped 12% to 272,156 and held a 17.3% share.
MBA data showed April affordability worsening again, with the median purchase-applicant payment rising to $2,152 from $2,131 in March, though it was 1.6% below a year earlier.

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