ATTOM’s Q1 2025 U.S. Residential Property Mortgage Origination Report shows that 1.4 million mortgages were issued for residential properties (1 to 4 units) nationwide during the first quarter of the year — a 14 percent drop from the previous quarter, continuing a downward trend in loan activity.
According to the report, after peaking at nearly 4.2 million loans per quarter in early 2021, new home financing activity has fallen below pre-pandemic levels. The latest decline was fueled by a 20 percent drop in purchase loans, which fell from 738,675 in Q4 2024 to 593,111 in Q1 2025.
Also, according to ATTOM’s latest report, residential refinance activity dropped 12 percent from the previous quarter to 580,170 loans, while home equity lines of credit declined 5 percent to 260,267.
ATTOM’s Q1 2025 mortgage origination report stated that the total dollar volume of mortgage originations dropped 18 percent, from $582 billion in Q4 2024 to $478 billion in Q1 2025, reflecting both fewer borrowers and smaller average loan amounts. This shift is partly due to changes in the market mix: home purchase loans, which made up over half of all mortgages as recently as fall 2023, now account for just 41.4 percent — down 2.8 percentage points from the previous quarter. In contrast, refinancing and home equity line of credit (HELOC) deals, which typically involve smaller amounts, have grown to 40.5 percent and 18.2 percent of the market, respectively.
ATTOM’s first-quarter mortgage origination analysis reported that nationwide, mortgage refinancing activity fell 12.2 percent from 661,067 in Q4 2024 to 580,170 in Q1 2025. However, refinance loans were up 16.1 percent compared to the same period last year.
The analysis also revealed that refinanced mortgage volumes declined quarter-over-quarter in 82.9 percent (160) of the 193 metro areas analyzed by ATTOM. The metro areas with the biggest refinancing quarterly declines were San Jose, CA (down 41.6 percent); Reno, NV (down 38 percent); Bend, OR (down 35.1 percent); San Francisco, CA (down 34.2 percent); and Huntsville, AL (down 33.8 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 quarterly increases in refinance mortgage originations for Q1 2025, along with the loan numbers driving that growth.
Those top markets include:
- Lubbock, TX
- Quarterly Increase in Refinance Mortgage Originations: 70.4 percent
- Count of Q4 2024 Refinance Mortgage Originations: 557
- Count of Q1 2025 Refinance Mortgage Originations: 949
- North Port-Sarasota-Bradenton, FL
- Quarterly Increase in Refinance Mortgage Originations: 52.6 percent
- Count of Q4 2024 Refinance Mortgage Originations: 1,524
- Count of Q1 2025 Refinance Mortgage Originations: 2,325
- McAllen-Edinburg-Mission, TX
- Quarterly increase in Refinance Mortgage Originations: 49 percent
- Count of Q4 2024 Refinance Mortgage Originations: 870
- Count of Q1 2025 Refinance Mortgage Originations: 1,296
- Brownsville-Harlingen, TX
- Quarterly Increase in Refinance Mortgage Originations: 48.3 percent
- Count of Q4 2024 Refinance Mortgage Originations: 389
- Count of Q1 2025 Refinance Mortgage Originations: 577
- Asheville, NC
- Quarterly Increase in Refinance Mortgage Originations: 46.7 percent
- Count of Q4 2024 Refinance Mortgage Originations: 638
- Count of Q1 2025 Refinance Mortgage Originations: 936
- Wichita, KS
- Quarterly Increase in Refinance Mortgage Originations: 41.2 percent
- Count of Q4 2024 Refinance Mortgage Originations: 1,284
- Count of Q1 2025 Refinance Mortgage Originations: 1,813
- Tampa-St. Petersburg-Clearwater, FL
- Quarterly Increase in Refinance Mortgage Originations: 39.8 percent
- Count of Q4 2024 Refinance Mortgage Originations: 6,480
- Count of Q1 2025 Refinance Mortgage Originations: 9,062
- Spartanburg, SC
- Quarterly Increase in Refinance Mortgage Originations: 30.1 percent
- Count of Q4 2024 Refinance Mortgage Originations: 652
- Count of Q1 2025 Refinance Mortgage Originations: 848
- Anchorage, AK
- Quarterly Increase in Refinance Mortgage Originations: 22.4 percent
- Count of Q4 2024 Refinance Mortgage Originations: 670
- Count of Q1 2025 Refinance Mortgage Originations: 820
- Hagerstown-Martinsburg, MD-WV
- Quarterly Increase in Refinance Mortgage Originations: 22.1 percent
- Count of Q4 2024 Refinance Mortgage Originations: 729
- Count of Q1 2025 Refinance Mortgage Originations: 890
Want to learn more about mortgage origination trends in your area? Contact us to find out how!
Written by: Megan Hunt