Mortgage lending took a nosedive across the U.S. in the first quarter of 2022, according to a new report from ATTOM.
Secured mortgages fell 18% from the fourth quarter of 2021 and were down 32% from the same time last year — the biggest year-over-year drop since 2014. This marked the fourth quarterly decrease, which the data management company said was the result of “double-digit downturns in purchase and refinance activity, even as home-equity lending rose.”
Along with the 32% decline in residential mortgages, the report found the number of new loans fell for the fourth straight quarter, meanwhile refinance lending fell another 22% and purchase mortgages were down 18%.
Mortgage rates have climbed to their highest level since 2008, pinching…