ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its Q1 2017 U.S. Residential Property Loan Origination Report, which shows that more than 1.4 million (1,415,847) loans were originated on U.S. residential properties (1 to 4 units) in the first quarter of 2017, down 30% from the previous quarter and down 21% from a year ago.
The total dollar volume of loan originations in the first quarter was also down 21% from a year ago to $347.9 billion, the lowest since Q1 2014 — a three-year low.
“Rising mortgage rates made qualifying for a home purchase more difficult and refinancing an existing home loan less attractive in the first quarter,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “The data also indicates more homebuyers needed help to qualify for a home purchase in the first quarter. Nearly 22% of all single family purchase originations had multiple, non-married co-borrowers on the loan, up from 20% a year ago.”
Among 35 U.S. cities with at least 1,000 single family purchase originations in Q1 2017, those with the highest share of non-married co-borrowers were Miami, Florida (40.2%); Seattle, Washington (37.4%); San Diego, California (28.9%); Los Angeles, California (28.2%); and Portland, Oregon (27.7%).
A total of 513,350 purchase loans secured by U.S. residential properties (1 to 4 units) were originated in Q1 2017, down 29% from the previous quarter and down 18% from a year ago. The total dollar volume of purchase originations in the first quarter was $136.6 billion, down 27% from the previous quarter and down 14% from a year ago to the lowest level since Q1 2014 — a three-year low.
A total of 675,899 refinance loans secured by U.S. residential properties (1 to 4 units) were originated in Q1 2017, down 36% from the previous quarter and down 22% from a year ago. The total dollar volume of refinance originations in the first quarter was $167.9 billion, down 39% from the previous quarter and down 26% from a year ago to the lowest level since Q1 2006 — as far back as data is available in the report.
A total of 226,598 Home Equity Lines of Credit (HELOCs) secured by U.S. residential properties (1 to 4 units) were originated in Q1 2017, down 14% from the previous quarter and down 22% from a year ago. The total dollar volume of HELOCs originated during the first quarter was $43.4 billion, down 14% from the previous quarter and down 18% from a year ago to the lowest level since Q1 2014 — a three-year low.
