In the second quarter of 2024, U.S. home mortgage lending rebounded significantly, with a 23.2% quarterly increase, totaling 1.62 million mortgages. This growth brought lending levels close to those seen a year earlier, although still 61.2% below the 2021 peak. The increase was driven by gains across all types of loans: purchase loans rose 32.7%, refinance loans increased by 10.3%, and home-equity credit lines jumped 26.5%. Total lending amount reached nearly $533 billion, up 27.6% from the first quarter of 2024. Despite this rebound, overall lending activity remains lower than the 2021 high. The largest gains were observed in Boulder, CO, Honolulu, HI, while some areas like Pensacola, FL, and Buffalo, NY saw declines.
With rates trending lower and The Fed’s increasing probability for a rate cut on September 18th, we could see mortgage originations surge to even higher levels.
Source : https://bit.ly/3MvBtRf
By: Jon Iacono