ATTOM’s Q3 2024 U.S. Residential Property Mortgage Origination Report shows that during the third quarter, 1.67 million mortgages secured by residential properties (1 to 4 units) were issued in the United States, marking a modest increase of 1.9% both quarterly and annually.
WATCH: ATTOM #FiguresFriday – Top 10 U.S. Metros with Purchase Mortgage Originations on the Rise
According to the report, this growth represented the second consecutive quarterly increase, a trend not seen in over three years. However, despite 30-year fixed mortgage rates dropping to nearly 6% by the end of Q3 2024, the boost in lending activity fell well short of the surge experienced in spring 2024. Total mortgage activity remained nearly two-thirds below the peak reached in 2021.
ATTOM’s Q3 2024 mortgage origination report stated that the recent trend was driven by gains in refinance and home-equity lending rather than an increase in new purchase loans. Refinancing activity rose by 6.9% quarter-over-quarter to approximately 588,000 loans, while home-equity loans increased by 2.3% to around 297,000. These gains more than offset a 1.7% decline in purchase loans, which fell to 782,000 as the annual peak home-buying season came to an end and property inventory remained limited.
Also according to ATTOM’s latest report, in monetary terms, lenders issued approximately $550 billion in residential mortgages during the third quarter of 2024, reflecting a 2.9% increase from the previous quarter and a 6.6% rise compared to the same period last year.
ATTOM’s third-quarter mortgage origination analysis reported that overall lending activity showed quarterly and annual growth in a significant portion of U.S. metropolitan areas with sufficient data for analysis. From the second to the third quarter of 2024, total lending increased in 125 of the 207 metropolitan statistical areas—60.4%—that had populations of at least 200,000 and issued at least 1,000 residential mortgages between July and September 2024.
The analysis also revealed that the largest quarterly increases in overall lending activity occurred in Anchorage, AK, with a rise of 78.6 percent from the second to the third quarter of 2024, followed by Yuma, AZ (up 33.3 percent), Ann Arbor, MI (up 33 percent), Huntington, WV (up 21 percent), and Trenton, NJ (up 20.5 percent).
In this post, we dive into the data from ATTOM’s latest mortgage origination report, highlighting the top 10 U.S. metros with the largest yearly increases in purchase mortgage originations for Q3 2024, along with the loan numbers driving that growth.
Those top markets include:
- Urban Honolulu, HI
- Yearly Increase in Purchase Mortgage Originations: 82.1 percent
- Count of Q3 2024 Purchase Mortgage Originations: 3,130
- Count of Q3 2023 Purchase Mortgage Originations: 1,719
- Elkhart-Goshen, IN
- Yearly Increase in Purchase Mortgage Originations: 51.7 percent
- Count of Q3 2024 Purchase Mortgage Originations: 954
- Count of Q3 2023 Purchase Mortgage Originations: 629
- Orlando-Kissimmee-Sanford, FL
- Yearly Increase in Purchase Mortgage Originations: 49.3 percent
- Count of Q3 2024 Purchase Mortgage Originations: 8,266
- Count of Q3 2023 Purchase Mortgage Originations: 5,537
- Fort Wayne, IN
- Yearly Increase in Purchase Mortgage Originations: 47.6 percent
- Count of Q3 2024 Purchase Mortgage Originations: 2,455
- Count of Q3 2023 Purchase Mortgage Originations: 1,663
- Cape Coral-Fort Myers, FL
- Yearly Increase in Purchase Mortgage Originations: 38.8 percent
- Count of Q3 2024 Purchase Mortgage Originations: 3,540
- Count of Q3 2023 Purchase Mortgage Originations: 2,551
- Trenton, NJ
- Yearly Increase in Purchase Mortgage Originations: 38.2 percent
- Count of Q3 2024 Purchase Mortgage Originations: 1,031
- Count of Q3 2023 Purchase Mortgage Originations: 746
- Palm Bay-Melbourne-Titusville, FL
- Yearly Increase in Purchase Mortgage Originations: 37.6 percent
- Count of Q3 2024 Purchase Mortgage Originations: 2,626
- Count of Q3 2023 Purchase Mortgage Originations: 1,909
- South Bend-Mishawaka, IN-MI
- Yearly Increase in Purchase Mortgage Originations: 32.2 percent
- Count of Q3 2024 Purchase Mortgage Originations: 1,526
- Count of Q3 2023 Purchase Mortgage Originations: 1,154
- Lynchburg, VA
- Yearly Increase in Purchase Mortgage Originations: 28.6 percent
- Count of Q3 2024 Purchase Mortgage Originations: 742
- Count of Q3 2023 Purchase Mortgage Originations: 577
- Indianapolis-Carmel-Anderson, IN
- Yearly Increase in Purchase Mortgage Originations: 28.5 percent
- Count of Q3 2024 Purchase Mortgage Originations: 10,087
- Count of Q3 2023 Purchase Mortgage Originations: 7,849
Want to learn more about mortgage origination trends in your area? Contact us to find out how!
Written by: Megan Hunt