Based on ATTOM’s newly released its third-quarter 2023 U.S. Residential Property Mortgage Origination Report, 1.54 million U.S. mortgages secured by residential property (1 to 4 units) were issued in the United States during the third quarter, representing a 3 percent decline from the prior three-month period. That drop-off marked the ninth decline in the last 10 quarters – a string broken only by a spike during the second quarter of this year.

The third-quarter downturn, which came amid increases in mortgage rates and home prices, left total residential lending activity down 26 percent from a year earlier and 63 percent from a high point hit in 2021.

Lending activity resumed its extended downturn during the third quarter with a mix of gains and losses in major categories of residential lending, as growth in refinance activity was more than offset by drops in purchase and home-equity lending. The number of refinanced loans increased 5 percent quarterly, to roughly 516,500, while lending to home buyers went down 7 percent, to about 752,000. Home-equity credit lines also dipped 7 percent, to 272,000.

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