The entire greenback quantity of originations reached $600.4 billion, a 3.1% decline from the determine of $619.7 billion in Q2 2025 however up 3.1% in comparison with Q3 2024. Buy lending fell on each a quarterly and yearly foundation, whereas refinance and residential fairness lending posted modest beneficial properties throughout each durations.
“Mortgage exercise eased again a contact from the spring pickup, nevertheless it’s nonetheless working barely forward of final 12 months,” mentioned Rob Barber, CEO of ATTOM. “The modest raise in refinance and HELOC exercise suggests some owners are benefiting from small charge enhancements and tapping fairness, whereas buy exercise stays constrained by affordability.
“Taken collectively, Q3 seems to be like a market treading water relatively than turning a nook.”
Mortgage activity elevated quarter over quarter in 98 of the 209 metro areas analyzed. Amongst metros with populations of no less than 1 million, the largest beneficial properties had been in Buffalo, New York (up 17.3%); Cleveland (up 12%); New York Metropolis (up 10.2%); Philadelphia (up 8.1%); and Portland, Oregon (up 7.5%).
Buy mortgage originations, in the meantime, fell to 765,667 in Q3, a drop of 4.8% from Q2 and 6.6% from Q3 2024. The greenback quantity of buy loans slid to $309.6 billion, down 5.2% from the earlier quarter and three.3% yearly. ATTOM discovered that buy loans accounted for 43.2% of all originations and 51.6% of complete quantity, in comparison with 44.6% and 52.7% in Q2, respectively.
Refinance originations ticked as much as 688,502, up 0.2% from Q2 and 12% from Q3 2024. Refi quantity fell 1.2% quarterly however rose 12.5% yearly to $229.7 billion.
Refinances accounted for 38.8% of all loans and 38.3% of complete lending {dollars}, barely increased than within the earlier quarter.
HELOCs improve, FHA/VA loans drop
House fairness line of credit score (HELOC) originations elevated to 319,318 loans, up 2.8% quarterly and 4.6% yearly. HELOC greenback quantity rose to $61.1 billion, up 0.7% from Q2 and 5.9% from Q3 2024.
HELOCs represented 18% of all mortgages and 10.2% of complete greenback quantity within the third quarter, up from 17.2% and 9.8% in Q2, respectively.
Authorities-backed and construction lending declined barely in Q3. Federal Housing Administration loans accounted for 14% of all originations, down from 14.9% in Q2. U.S. Division of Veterans Affairs loans made up 5.7%, down from 5.9%, whereas building loans dropped to 1.1% of all mortgage exercise, in comparison with 1.5% in Q2.
