Mortgage lending in the U.S. dropped by 6.7% in the first quarter of 2024 to 1.28 million mortgages, attributed to tight inventory levels, elevated mortgage interest rates, and affordability challenges.
Purchase-loan activity decreased by 9.9%, refinance deals by 1.9%, and home-equity credit lines by 9% in the same quarter. Lenders issued $405.6 billion worth of residential mortgages, down 4.8% from the previous quarter.
Second-quarter data is anticipated to show improvement, but limited by high interest rates impacting refinance and HELOC lending. The supply shortage of homes for sale is likely to restrict any significant increase.
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