Connect with us

Technology

U.S. MORTGAGE LENDING RISES IN Q3 2024 AMID REFINANCING SURGE, BUT REMAINS BELOW HISTORIC HIGHS

Published

on

Residential Lending Grows Just 2 Percent Even as Rates Keep Declining; Refinance and Home-Equity Deals Rise While Purchase Loans Decrease

IRVINE, Calif., Nov. 21, 2024 /PRNewswire/ — ATTOM, a leading curator of land, property data, and real estate analytics, today released its third-quarter 2024 U.S. Residential Property Mortgage Origination Report, which shows that 1.67 million mortgages secured by residential property (1 to 4 units) were issued in the United States during the third quarter. That led to modest quarterly and annual increases of 1.9 percent.

The growth marked the second straight quarterly gain – a pattern not seen for more than three years. But even as home-mortgage rates dropped close to 6 percent for a 30-year fixed loan by the end of Q3 2024, the increase in business for lenders was far below a spike during the Spring of 2024 and still left total mortgages off by nearly two-thirds from a high point hit in 2021.

The latest trend resulted from improvements in refinance and home-equity lending as opposed to more buyers taking out loans. Mortgage rollovers increased 6.9 percent quarterly, to about 588,000, while home-equity packages went up 2.3 percent, to roughly 297,000.

Those improvements more than made up for a 1.7 percent decrease in purchase loans, to 782,000, as the annual peak home-buying season wound down and supplies of properties for sale remained tight.

Measured monetarily, lenders issued roughly $550 billion worth of residential mortgages in the third quarter of 2024. That was up 2.9 percent from the second quarter of 2024 and 6.6 percent from the third quarter of last year.

The differing pattern of increases among various loan types slightly raised the portion of all residential mortgages represented by refinance and home-equity credit lines, while lowering the purchase component. Still, purchase loans remained the most common form of mortgages around the U.S. during the third quarter, comprising almost half.

“Mortgage lending rose again in the third quarter, but at a far slower pace than during the Spring of this year when activity spiked nearly 25 percent,” said Rob Barber, CEO at ATTOM. “The latest increase, small as it was, likely came mainly from homeowners trading higher-rate loans they got in 2021 and 2022 for cheaper mortgages resulting from declining mortgage rates. But it looked like the third-quarter rate dip wasn’t as helpful for purchase lending as buyers kept facing elevated prices and low supplies of properties for sale.”

The latest lending trends reflected another round of mixed forces affecting home sales and the cost of borrowing. Average 30-year mortgage rates dropped a full percentage point in the third quarter, the kind of decline that can save homeowners thousands of dollars a year on all kinds of loans. But the number of homes for sale remained at some of the lowest levels in the past decade, which continues putting a damper on the market, and purchase loans.

Total lending up again but still far below peaks
Banks and other lenders issued a total of 1,666,816 residential mortgages in the third quarter of 2024, up from 1,636,073 in the second quarter of 2024 and from 1,635,056 in the third quarter of 2023.

Total activity rose for the second quarter in a row – a pattern that hadn’t happened since early in 2021. But the latest figure still remained 60 percent behind a recent high point of 4,165,695 hit in the first quarter of 2021 when average 30-year mortgages rate hovered around 3 percent.

A total of $553.1 billion was lent to homeowners and buyers in the third quarter of this year. That was up from $537.5 billion in the prior quarter and from $518.6 billion in the third quarter of 2023, although still less than half the recent peak of $1.3 trillion in 2021.

Overall lending activity also rose quarterly and annually in a majority of metropolitan areas around the U.S. with enough data to analyze. The total increased from the second quarter to the third quarter of this year in 125, or 60.4 percent, of the 207 metropolitan statistical areas that had a population of 200,000 or more and at least 1,000 total residential mortgages issued from July through September of 2024.

The largest quarterly increases came in Anchorage, AK (total lending up 78.6 percent from the second quarter of 2024 to the third quarter of 2024); Yuma, AZ (up 33.3 percent); Ann Arbor, MI (up 33 percent); Huntington, WV (up 21 percent) and Trenton, NJ (up 20.5 percent).

Metro areas with a population of least 1 million that had the biggest increases in total loans from the second to the third quarter of 2024 were Rochester, NY (up 20.1 percent); Detroit, MI (up 14.7 percent); Grand Rapids, MI (up 13.5 percent); San Diego, CA (up 13.2 percent) and Hartford, CT (up 12.7 percent).

Metro areas with enough data to analyze where lending went down the most quarterly were Boulder, CO (down 44.3 percent); St. Louis, MO (down 36.5 percent); Jackson, MS (down 25.2 percent); Myrtle Beach, SC (down 20.4 percent) and Springfield, MO (down 19.4 percent)

Measured annually, the largest increases in total lending among metro areas with a population of at least 1 million were in Orlando, FL (total lending up 29.3 percent from the third quarter of 2023 to the third quarter of 2024); San Jose, CA (up 28.7 percent); San Diego, CA (up 27.9 percent); Honolulu, HI (up 25.9 percent) and Tucson, AZ (up 17.6 percent).

Purchase mortgages decline amid tight market but still make up almost 50 percent of all lending
While overall third-quarter lending activity increased, the number of mortgages issued to home buyers was down both quarterly and annually. The count of purchase loans remained only half of where it stood in 2021.

The third-quarter total of 782,220 was off from 796,046 in the second quarter of 2024, 814,610 in the third quarter of 2023 and 1.6 million in mid-2021.

The latest dollar volume of purchase loans, $306.6 billion, was 2.5 percent less than the $314.3 billion second-quarter level, although still up 0.8 percent from $304.1 billion a year earlier. It sat 43 percent below the 2021 peak

Residential purchase-mortgage originations decreased quarterly in 55.1 percent of the 207 metro areas in the report and annually in 56 percent of those markets.

The largest quarterly decreases were in Boulder, CO (purchase loans down 50.1 percent from the second quarter of 2024 to the third quarter of 2024); St. Louis, MO (down 42.4 percent); Springfield, MO (down 25.7 percent); Savannah, GA (down 25 percent) and Lake Havasu City, AZ (down 23.1 percent).

Including St. Louis, the biggest quarterly decreases in metro areas with a population of at least 1 million in the third quarter of 2024 came in Austin, TX (down 20.6 percent); San Francisco, CA (down 17.7 percent); Tucson, AZ (down 16.8 percent) and Atlanta, GA (down 15 percent).

The top annual decreases in purchase lending in metro areas with a population of at least 1 million were in St. Louis, MO (down 50.3 percent from the third quarter of 2023 to the third quarter of 2024); Austin, TX (down 48.2 percent); Houston, TX (down 29.7 percent); Dallas, TX (down 22.5 percent) and Raleigh, NC (down 21.3 percent).

Refinance mortgages up to highest level in two years
As interest rates declined during the third quarter of this year, lenders issued 587,691 residential refinance mortgages. That was up from 549,812 in the second quarter of 2024 and 539,738 a year earlier.

The most recent figure stood out as the most since the third quarter of 2022. It represented the latest in a series of increases following a spike in interest rates in 2021 and 2022 that caused refinance lending to plummet more than 80 percent.

The $191.1 billion dollar volume of refinance packages in the third quarter of 2024 was up 13.5 percent from $168.5 billion in the prior quarter and up 16.1 percent, from $164.7 billion, in the third quarter of 2023.

Refinancing activity increased quarterly in 75.8 percent and annually in 75.4 percent of the metro areas around the U.S. with enough data to analyze.

The largest quarterly increases were in Anchorage, AK (refinance loans up 59.1 percent from the second to the third quarter of 2024); Ann Arbor, MI (up 46.9 percent); Vallejo, CA (up 46.7 percent); Colorado Springs, CO (up 42.4 percent) and Charlottesville, VA (up 41.7 percent).

Metro areas with a population of least 1 million where refinance activity increased most quarterly were San Jose, CA (up 28.7 percent); Milwaukee, WI (up 27.4 percent); San Diego, CA (up 27.2 percent); Richmond, VA (up 24.4 percent) and Los Angeles, CA (up 24 percent).

Metro areas with a population of least 1 million and the largest year-over-year increases in the number of refinance loans were San Diego, CA (up 62.5 percent from the third quarter of 2023 to the third quarter of 2024); San Jose, CA (up 59.1 percent); Los Angeles, CA (up 40.3 percent); Seattle, WA (up 39.8 percent) and Las Vegas, NV (up 39.3 percent).

Refinance packages comprised 35.3 percent of all loan originations in the third quarter of 2024. That was up from 33.6 percent in the prior quarter but far less than the 65.8 percent portion in early 2021.

HELOC lending up quarterly and annually
Home-equity lines of credit (HELOCs) also increased, to 296,905 in the latest three-month period. That was up from 290,215 in the second quarter of 2024 and 280,708 in the third quarter of last year. The improvement continued to reverse losses sustained from 2022 into early 2024.

The $55.4 billion volume of HELOC loans in the third quarter of 2024 was up from $54.7 billion in the prior quarter and from the $49.8 billion lent in the third quarter of last year.

HELOCs comprised 17.8 percent of all loans in the most recent quarter. That was almost the same as the 17.7 percent portion in the second quarter of 2024 but still almost four times the level recorded in early 2021.

HELOC mortgage originations increased from the second quarter to the third quarter of 2024 in 63.1 percent of the metro areas analyzed. The largest quarterly increases in metro areas with a population of at least 1 million were in Fresno, CA (up 33.4 percent); Hartford, CT (up 29.5 percent); Louisville, KY (up 22.9 percent); San Antonio, TX (up 20.8 percent) and San Jose, CA (up 20.6 percent).

FHA mortgage level holds steady while VA loan portion rises
Lenders issued 229,196 mortgages backed by the Federal Housing Administration (FHA) during the third quarter, or 13.8 percent of all residential property loans. That was unchanged from the second quarter of this year after 10 consecutive quarterly increases but was down from 15.1 percent in the third quarter of 2023.

Residential loans backed by the U.S. Department of Veterans Affairs (VA) totaled 97,669, or 5.9 percent of all residential property loans originated in the third quarter of 2024. That was up from 5 percent in the previous quarter and 4.8 percent in the third quarter of 2023.

Report methodology
ATTOM analyzed recorded mortgage and deed of trust data for single-family homes, condos, town homes and multi-family properties of two to four units for this report. Each recorded mortgage or deed of trust was counted as a separate loan origination. Dollar volume was calculated by multiplying the total number of loan originations by the average loan amount for those loan originations.

About ATTOM 
ATTOM provides premium property data and analytics that power a myriad of solutions that improve transparency, innovation, digitization and efficiency in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include ATTOM Cloudbulk file licensesproperty data APIsreal estate market trendsproperty navigator and more. Also, introducing our newest innovative solution, making property data more readily accessible and optimized for AI applications – AI-Ready Solutions.

Media Contact:
Megan Hunt
Megan.hunt@attomdata.com

Data and Report Licensing:
949.502.8313
datareports@attomdata.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/us-mortgage-lending-rises-in-q3-2024-amid-refinancing-surge-but-remains-below-historic-highs-302312304.html

SOURCE ATTOM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Caladium Systems Launches Happiffie, India’s First AI-powered Celebration Platform

Published

on

By

CHENNAI, India, July 24, 2026 /PRNewswire/ — Caladium Systems today announced the launch of Happiffie, India’s first AI-powered Celebration Growth Platform, introducing a smarter way for customers to discover, compare, book, and manage celebrations while helping businesses connect with high-intent customers through intelligent technology.

Designed for weddings, birthdays, corporate events, social celebrations, parties, festivals, and more, Happiffie brings together over 400 celebration occasions and 1,000+ celebration experiences on a single AI-powered platform.

India’s celebrations industry continues to rely heavily on referrals, manual coordination, inconsistent pricing, and fragmented vendor discovery. Happiffie addresses these challenges by combining AI-powered recommendations, transparent price discovery, secure bookings, payments, and event management into one seamless platform.

A key innovation is Happiffie’s Reverse Auction, where customers simply submit their celebration requirements and verified vendors compete by offering customised proposals. Instead of spending hours searching and negotiating, customers can compare multiple qualified offers and choose the vendor that best matches their preferences and budget.

“Customers can now book the experience of their choice with the vendor of their choice, in the budget of their choice. At the same time, vendors receive qualified business opportunities matched to their category, location and capabilities, creating value for both sides of the marketplace,” said Pradhyumna T Venkat, Founder & CEO, Happiffie.

“Every major industry eventually reaches a point where technology fundamentally changes how it operates. Travel did. Hospitality did. Mobility did. We believe celebrations are next,” added Pradhyumna.

The platform is powered by Experience Intelligence™, a proprietary framework that combines over 15 years of celebration industry expertise with Artificial Intelligence to deliver smarter recommendations based on customer intent, preferences, and celebration needs.

Whether planning a wedding, birthday, corporate event, baby shower, anniversary, or festival celebration, customers can manage the entire journey—from vendor discovery and quotations to payments and execution—through a single platform.

Alongside its launch, Happiffie has opened registrations for vendor partners across Chennai and Tamil Nadu, with a phased expansion planned across India. The platform aims to build one of the country’s largest AI-powered celebration ecosystems, helping businesses generate qualified leads and grow more efficiently.

“Our vision is not simply to build another marketplace but to create the technology infrastructure that powers celebrations. Reverse Auction is the first step towards building a smarter, more transparent, and AI-driven celebration economy that benefits both customers and businesses alike,” added Pradhyumna.

Built on the experience of planning and executing over 5,000 weddings and celebrations, Happiffie combines deep industry expertise with AI to simplify celebration planning and transform how India celebrates.

For more information, visit www.happiffie.com. Vendor registrations are now open at www.happiffie.com/vendor-registration.

About Happiffie

Happiffie is India’s first AI-powered Celebration Platform, connecting customers, venues, event professionals, and celebration businesses through one intelligent ecosystem. Built on over 15 years of industry expertise, the platform combines Artificial Intelligence with Experience Intelligence™ to deliver smarter celebration planning across more than 1,000 celebration experiences spanning weddings, corporate events, birthdays, social celebrations, parties, and festivals.

Contact

Pradhyumna T Venkat
Founder & CEO
pradhyumna@happiffie.com
+91-7299002990

Logo: https://mma.prnewswire.com/media/3007635/Happiffie_Logo.jpg

 

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/caladium-systems-launches-happiffie-indias-first-ai-powered-celebration-platform-302834017.html

Continue Reading

Technology

Beko Publishes 2025 Integrated Report, Charting Years of Progress Toward Net Zero

Published

on

By

As Beko releases its 2025 Integrated Report, the company’s third consecutive inclusion on TIME’s global sustainability ranking — retaining the #1 position in its industry — underscores the progress documented within it.

ISTANBUL, July 24, 2026 /PRNewswire/ — Beko published its 2025 Integrated Report, offering a comprehensive account of the company’s financial, environmental and social performance over the past year. In parallel, Beko has been named one of TIME Magazine’s World’s Most Sustainable Companies for the third year running, retaining the #1 position in its industry. The recognition, awarded in partnership with Statista, independently corroborates years of deliberate, measurable progress.

The report documents concrete results across Beko’s global manufacturing footprint. In 2025:

Energy efficiency projects across production sites saved 69,562 GJ of energy, avoiding 5,297 tonnes of CO₂e emissions.Waste recycling across all manufacturing facilities reached 98.6%, against a target of 99%.Renewable energy installed capacity reached 96 MWp, up from 90.2 MWp the prior year. Beko also reached 63.5% green electricity on the path to 100% across all manufacturing by 2030.Water efficiency and rainwater harvesting projects across locations delivered total water savings of 219,114 m3.

Behind these figures is a broader manufacturing transformation. Three of Beko’s manufacturing facilities have been recognised within the World Economic Forum’s Global Lighthouse Network, with the Ulmi plant earning the additional, and rarer, designation of Sustainability Lighthouse. The principles behind Ulmi’s approach are being extended across Beko’s broader manufacturing ecosystem, as the company scales low-impact production. Beko currently operates 13 smart factories globally — equipped with artificial intelligence, machine learning and robotics capabilities — with a target of 17 by the end of 2026.

On the circular economy side, Beko’s refurbishment centres across multiple locations reintroduced more than 148,000 appliances into the market in 2025 alone. The company recycled 1.98 million WEEE units through its own recycling facilities since 2014, and used 31,665 tonnes of recycled plastics in its products in 2025.

Across its product portfolio, 72.6% of Beko’s turnover in 2025 came from low-carbon products — a figure that reflects both the scale of the company’s energy-efficient product range and growing consumer demand for appliances that address environmental concerns.

“Being recognised by TIME three years in a row matters because it reflects that sustainability is a foundational part of Beko’s business,” said Can Dinçer, CEO of Beko. “Our factories undergo a twin transformation where we encounter both decarbonization and digitalization. That progress is deliberate and measurable, and our Integrated Report sets out exactly how. As the world prepares for COP31, the most credible thing a company can do is demonstrate its work rather than declare it. That is what we are doing.”

TIME’s annual list evaluates more than 5,000 companies worldwide across environmental and social performance, transparency and ESG reporting. Beko’s continued inclusion under increasingly rigorous standards points to a business model where sustainability is structurally embedded across operations, supply chains and product portfolios.

In addition to its Integrated Report, the Company has also published its second TSRS-compliant sustainability report, prepared in accordance with the Türkiye Sustainability Reporting Standards (TSRS), Türkiye’s adoption of the IFRS Sustainability Disclosure Standards issued by the International Sustainability Standards Board (ISSB). The report is publicly available and provides detailed disclosures on the company’s climate-related risks, opportunities, governance, strategy and performance.

About Beko

Beko is an international home appliance company with a strong global presence, operating through subsidiaries in more than 55 countries with a workforce of around 45,000 employees and production facilities spanning multiple regions—including Europe, Asia, Africa, and the Middle East. Beko has 22 brands owned or used with a limited license (Arçelik, Beko, Whirlpool*, Grundig, Hotpoint, Arctic, Ariston*, Leisure, Indesit, Blomberg, Defy, Dawlance, Hitachi*, Voltas Beko, Singer*, ElektraBregenz, Flavel, Bauknecht, Privileg, Altus, Ignis, Polar). Beko is the largest white goods company in Europe with its market share (based on volumes) and reached a consolidated turnover of 10.7 billion Euros in 2025. Beko’s 28 R&D and Design Centers & Offices across the globe are home to over 2,000 R&D employees and hold more than 4,500 international registered patent applications to date. The company has achieved the highest score in the S&P Global Corporate Sustainability Assessment (CSA) in the DHP Household Durables industry for the seventh consecutive year (based on the results dated 16 October 2025).** The company has been recognized as the 89th most sustainable company on TIME Magazine and Statista’s 2026 list of the World’s Most Sustainable Companies and has been the sector leader for three consecutive years. Beko’s vision is ‘Respecting the World, Respected Worldwide.’ 

www.bekocorporate.com

*Licensee limited to certain jurisdictions.
**The data presented belongs to Arçelik A.Ş., a parent company of Beko.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/beko-publishes-2025-integrated-report-charting-years-of-progress-toward-net-zero-302833974.html

SOURCE Beko

Continue Reading

Technology

JustMarkets Releases Market Analysis on How Foreign Exchange Markets React to CPI Surprises

Published

on

By

HO CHI MINH CITY, Vietnam, July 24, 2026 /PRNewswire/ — JustMarkets today released a new market analysis examining how foreign exchange markets react to Consumer Price Index (CPI) surprises and outlining key considerations for traders preparing for inflation data releases. The analysis explains why the gap between actual CPI data and market expectations, rather than the headline inflation figure itself, is often the primary driver of currency market movements.

What people often miss on CPI day is that the number itself isn’t what moves the market. The common reaction is to check whether the headline number is high or low, but it’s all priced in advance. According to JustMarkets, the real driver of EUR/USD is the gap between the actual number and what the market was positioned for.

Even an unchanged reading can cause dollar weakness if traders expect higher inflation, while weaker numbers that beat consensus expectations may drive dollar strength. Citing Federal Reserve research, the price driver is a surprise component rather than the headline.

Why the Expectation Gap Is More Important Than the Level

Forex is driven by expectations for interest rate decisions, with inflation impacting central bank policy. Key factors influencing this reaction include:

Main factors:

Monthly CPI and core CPICore services inflationRevisions to the previous period dataCentral banks policy pricing

Year-over-year data is less important in terms of price impact than monthly and core data.

How to Calculate Surprise

Start with the simplest metric: Surprise = Actual CPI − Consensus CPI. 

Consensus comes from the economic calendar’s forecast and reflects the market positioning. And then you need to check the market reaction through rates. The sequence typically runs: CPI surprise → change in front-end yields → USD movement → the sentiment adjustment.

Traders frequently employ this methodology in combination with the JustMarkets Economic Calendar to track high-impact releases in real time.

What the Intraday Move Actually Looks Like

CPI reactions usually happen in three stages. The first one is a headline shock with the potential algorithm’s reaction within a few seconds. Then comes the interpretation stage, with a time frame of 15-60 minutes and analysis of core numbers and yield confirmation. And then either continuation or reversal happens.

Approaches to Trading CPI Day

There are two common approaches to CPI.

The momentum approach requires the consistency of headlines and core surprises with yields’ confirmation. Most traders wait until the first minute’s candle is closed to avoid false signals.The fade approach requires dislocations like the absence of yield confirmation to FX movement or dislocations between headlines and core numbers. In this case, traders wait 10−20 minutes for exhaustion of the initial move and reversal setup search.

Risk management is crucial. Most traders limit their position size to 0.25%-0.50% of their equity because of widening spreads and slippage. Sometimes the decision to trade off is more optimal during extreme volatility than forced entry.

One Way to Prepare for the Next CPI Day Release

A simple way to get ready is to monitor EUR/USD, GBP/USD, USD/JPY pairs and an economic calendar with events’ importance. The workflow is simple: Economic calendar → release → Trading platform.

The final step brings traders to the execution platform. Many turn to JustMarkets, which offers CFDs on these currency pairs, with execution stability and fast market access that make it well suited for high-volatility macro events.

Disclaimer: For informational purposes only. Trading financial instruments involves significant risk and may not be suitable for all investors. Ensure you understand the risks involved and trade responsibly.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/justmarkets-releases-market-analysis-on-how-foreign-exchange-markets-react-to-cpi-surprises-302834023.html

SOURCE Just Global Markets Ltd

Continue Reading

Trending