Total lending activity was down 4.8% from the same period last year and has plummeted 69.3% from its peak in 2021. High interest rates have pushed up homeownership costs, making it harder for average wage earners to afford near-record home prices.
The report further highlighted that all major mortgage categories, including purchase loans, refinance deals, and home equity lines of credit, experienced declines in the first quarter.
Purchase loan originations fell by 9.9% to roughly 565,000, and refinance originations dipped by 1.9% to 491,000. Home equity lines of credit (HELOCs) also saw a decline, sliding 9% to 222,000.
“With little sign that interest rates are coming down, which could fire up refinance and HELOC lending, or that supplies of homes for sale are going up, any increase is likely to be limited,” said Rob Barber, CEO at ATTOM.
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