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REFINANCE ACTIVITY UP AGAIN DURING FOURTH QUARTER DESPITE BROADER U.S. DOWNTURN IN HOME MORTGAGES

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Home Loans Shrink 3 Percent Quarterly as Interest Rates Climb and Sales Listings Remain Low;Purchase and Home-Equity Lending Dips While Refinance Deals Increase Again;Total Activity Still Down 60 Percent from 2021 Peak

IRVINE, Calif., Feb. 27, 2025 /PRNewswire/ — ATTOM, a leading curator of land, property data, and real estate analytics, today released its fourth-quarter 2024 U.S. Residential Property Mortgage Origination Report, which shows that 1.64 million mortgages secured by residential property (1 to 4 units) were issued in the United States during the fourth quarter. That was down 3 percent quarterly but up 14 percent from a year earlier.

The quarterly drop-off – after increases earlier in 2024 – came as mortgage rates rose, supplies of residential properties for sale remained near five-year lows and the home-buying market hit its usual Fall slow season. Despite the annual gain in lending activity, the total number of home mortgages issued during the fourth quarter of last year remained down by nearly two-thirds from a high point hit in 2021.

The latest trend resulted from declines in purchase and home-equity lending tempered by an increase in refinance packages.

Lending to home buyers shrank 7.5 percent from the third to the fourth quarter of 2024, to about 732,000, while the number of home equity credit lines dipped 11.6 percent, to roughly 267,000. Mortgage rollovers, however, increased for the third consecutive quarter, growing 6.4 percent to about 642,000.

Measured monetarily, lenders issued $568 billion worth of residential mortgages in the fourth quarter of 2024. That was up 1.4 percent from the third quarter of 2024 and 26.3 percent from the fourth quarter of 2023.

The mixed pattern of ups and downs among various loan types raised the portion of all residential mortgages represented by refinance deals, while lowering the purchase and home-equity loan components. Nevertheless, purchase loans once again stood as the most common form of mortgages around the U.S. during the fourth quarter, comprising almost half.

“The in-boxes of mortgage lenders emptied out a bit during the Fall of 2024 following a couple of strong quarters that had pointed to a possible revival for the industry. Things slowed down as the market remained tight and the cost of borrowing went back, all during the usual annual home-buying lull,” said Rob Barber, CEO at ATTOM. “One small surprise emerged with refinancings increasing again despite rising interest rates. That may have happened because rates started the quarter at one of the more attractive points over the past few years, suggesting that homeowners were trying to get their mortgages reset before borrowing costs went back up.”

He added that “forces remain in places for lending to remain slow. But the fallback was modest, and the trend should turn back around to some degree over the coming months as the weather warms and home buying heats back up, especially if mortgage rates settle down.”

Total lending ticks downward, still less than half of 2021 high points
Banks and other lenders issued a total of 1,640,106 residential mortgages in the fourth quarter of 2024. That was down 3.3 percent from 1,695,915 in third quarter of 2024, although still up from 1,433,864 in the fourth quarter of 2023.

Total activity went down after two straight quarterly gains, keeping the latest count 60 percent beneath a recent high point of 4,135,893 reached in the first quarter of 2021 when average 30-year mortgages rate hovered around 3 percent.

A total of $568.5 billion was lent to homeowners and buyers in the fourth quarter of last year, up slightly from $560.7 billion in the prior quarter and from $450.2 billion in the fourth quarter of 2023. Still, it was less than half the peak of $1.3 trillion hit in 2021.

Overall lending activity followed downward quarterly and upward annual trends in a majority of metropolitan areas around the U.S. with enough data to analyze. The total decreased from the third quarter to the fourth quarter of last year in 132, or 65.3 percent, of the 202 metropolitan statistical areas that had a population of 200,000 or more and at least 1,000 total residential mortgages issued from October through December of 2024. It remained up from the fourth quarter of 2023 in 175, or 86.6 percent, of the metro areas analyzed.

The largest quarterly decreases came in St. Louis, MO (total lending down 31 percent from the third quarter of 2024 to the fourth quarter of 2024); Augusta, GA (down 23.4 percent); Savannah, GA (down 21 percent); Baton Rouge, LA (down 20.6 percent) and Beaumont, TX (down 20.1 percent).

Aside from St. Louis, metro areas with a population of least 1 million that had the biggest decreases in total loans from the third to the fourth quarter of 2024 were Atlanta, GA (down 18.9 percent); Rochester, NY (down 16.5 percent); Virginia Beach, VA (down 15.9 percent) and Tampa, FL (down 13 percent).

Metro areas with enough data to analyze where lending increased the most quarterly were Honolulu, HI (up 58.7 percent); Hilo, HI (up 51.8 percent); Hilton Head, SC (up 39.7 percent); Charleston, SC (up 26 percent) and Buffalo, NY (up 18.9 percent)

Measured annually, the largest increases in total lending among metro areas with a population of at least 1 million were in San Jose, CA (total lending up 78.1 percent from the fourth quarter of 2023 to the fourth quarter of 2024); Honolulu, HI (up 75 percent); Los Angeles, CA (up 43 percent); San Francisco, CA (up 40.7 percent) and San Diego, CA (up 40.1 percent).

Purchase mortgages decline amid tight market and slow buying season but remain most common loan
The decline in overall fourth-quarter lending activity was driven largely by the latest decrease in the number of mortgages issued to home buyers, which dropped to 731,517.

While lending to buyers remained up annually by 6.4 percent, the fourth-quarter total was off from 790,970 in the prior quarter. It also sat far below a 1.6 million highwater mark hit in the Spring of 2021.

The latest dollar volume of purchase loans, $289.7 billion, was 5.5 percent less than the $306.5 billion third-quarter level and 45.7 percent below a 2021 peak. Still, it was up 16.2 percent from the $249.3 billion amount loaned in late 2023.

Residential purchase-mortgage originations decreased quarterly in 79.7 percent of the 202 metro areas in the report while they were up annually in 70.3 percent of those markets.

The largest quarterly decreases were in St. Louis, MO (purchase loans down 36.2 percent from the third quarter of 2024 to the fourth quarter of 2024); Augusta, GA (down 31.1 percent); Baton Rouge, LA (down 30.4 percent); Atlanta, GA (down 27.9 percent) and Shreveport, LA (down 27.2 percent).

Aside from St. Louis and Atlanta, the biggest quarterly decreases in metro areas with a population of at least 1 million in the fourth quarter of 2024 came in Virginia Beach, VA (down 21.4 percent); Minneapolis, MN (down 18.2 percent) and San Antonio, TX (down 17.4 percent).

The top annual increases in purchase lending in metro areas with a population of at least 1 million were in Honolulu, HI (up 113.5 percent from the fourth quarter of 2023 to the fourth quarter of 2024); San Jose, CA (up 50.2 percent); Birmingham, AL (up 42.1 percent); Portland, OR (up 41.8 percent) and Las Vegas, NV (up 39.1 percent).

Refinance activity up for third consecutive quarter
Despite interest rates rising during the fourth quarter of last year, the number of residential refinance mortgages issued by lenders climbed to 641,918. That was up from 603,324 in the prior three-month period and by 28.2 percent from 500,877 in the fourth quarter of 2023.

The recent increase marked the third quarterly gain in a row, reaching the highest point since mid-2022. Refinancing activity has gradually increased over the past two years following a spike in interest rates in 2021 and 2022 that caused mortgage rollovers to slump more than 80 percent.

The $228.5 billion dollar volume of refinance packages in the fourth quarter of 2024 remained significantly below a peak of $830.9 billion in 2021. But it was up 15.7 percent from $197.6 billion in the third quarter of last year and up 46.7 percent from $155.8 billion in the fourth quarter of 2023.

Refinancing activity increased quarterly in 73.8 percent and annually in 93.1 percent of the metro areas around the U.S. with enough data to analyze.

The largest quarterly increases were in Hilton Head, SC (refinance loans up 56.4 percent from the third to the fourth quarter of 2024); Wilmington, NC (up 48.9 percent); San Jose, CA (up 43.8 percent); Buffalo, NY (up 41.9 percent) and San Francisco, CA (up 35.4 percent).

Aside from San Jose, San Francisco and Buffalo, metro areas with a population of least 1 million where refinance activity increased most quarterly were Denver, CO (up 23.9 percent) and Houston, TX (up 22.5 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 Jose, CA (up 170.6 percent from the fourth quarter of 2023 to the fourth quarter of 2024); San Francisco, CA (up 113.8 percent); Seattle, WA (up 86.8 percent); Los Angeles, CA (up 84.6 percent) and San Diego, CA (up 80.9 percent).

Refinance packages comprised 39.1 percent of all loan originations in the fourth quarter of 2024. That was up from 35.6 percent in the prior quarter to the highest level since early in 2022, but still not close to the 65.7 percent portion in 2021.

HELOC lending also down quarterly while up annually
As with overall lending, home-equity lines of credit (HELOCs) decreased quarterly but were higher annually. The latest total of 266,171 was off from 301,622 in the third quarter of 2024 while remaining up 8.6 percent from 245,518 in the last few months of 2023.

The $50.2 billion volume of HELOC loans in the fourth quarter of 2024 was down from $56.6 billion in the prior quarter but more than the $45 billion lent in the fourth quarter of 2023.

HELOCs comprised 16.3 percent of all loans in the most recent quarter. That was down from the 17.8 percent portion in the third quarter of 2024 but still almost four times the level recorded in 2021.

HELOC mortgage originations decreased from the third quarter to the fourth quarter of 2024 in 86.6 percent of the metro areas analyzed. The largest quarterly decreases in metro areas with a population of at least 1 million were in Atlanta, GA (down 53.3 percent); St. Louis, MO (down 40.3 percent); Virginia Beach, VA (down 28.9 percent); Houston, TX (down 27.7 percent) and Rochester, NY (down 25.2 percent).

FHA and VA mortgages grow as portion of all loans
Lenders issued 244,984 mortgages backed by the Federal Housing Administration (FHA) during the fourth quarter of 2024, representing 14.9 percent of all residential property loans. That was up from 13.6 percent in the third quarter of last year although still down from 15.8 percent in the fourth quarter of 2023.

Residential loans backed by the U.S. Department of Veterans Affairs (VA) totaled 106,900, or 6.5 percent of all residential property loans originated in the fourth quarter of 2024. That also was up, from 5.8 percent in the previous quarter as well as from 4.4 percent in the fourth 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

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AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future

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Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda

BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.

Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.

Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.

VOICES FROM THE SUMMIT

“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei

“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand

“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA

“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF

“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)

“We fixed it before you feel it!  AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS

“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia

“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia

“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom

“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei

“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU

“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)

“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA

“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G

“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA

“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International

“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT

“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART

“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei

A CONVERGING VIEW

Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.

WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.

In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.

 

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SOURCE HUAWEI

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Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

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Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen: 

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

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Pillsbury Notice of Data Breach

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NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html

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SOURCE Pillsbury Winthrop Shaw Pittman LLP

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