Purchase Lending

Mortgage originations fell by 3% in Q3 2023, reversing a spike in Q2 and marking the ninth decline in ten quarters, according to new data from ATTOM. Purchase and home equity lending (both -7%) induced the drop as interest rates stuck above 7% over the summer.  These declines wiped out gains in refinances, which were up 5%, the second straight quarterly increase. ATTOM attributes the refi boost to homeowners taking advantage of cash from their sky-high equity. Though some homeowners lost equity in Q3, it remained strong overall as home prices soared earlier this year, leaving Americans with plenty to borrow against. The downturn pushed residential lending activity down 26% YOY and 63% from a high point in 2021 during…