The Black Knight Mortgage Monitor for November 2023 shows rising mortgage rates and home prices have increased the principal and interest payment (P&I) for a median-priced home to more than $2,500 for the first time.
Residential home loans increased to 1.56 million in Q2 2023, down 38% from a year ago but up 21% from the previous quarter, marking the first such increase in two years, according to ATTOM’s Q2 2023 U.S. Residential Property Mortgage Origination Report.
BAM Key Details:
ATTOM released its U.S. Residential Property Mortgage Origination Report for Q1 2023, showing a 19% quarterly drop in the total number of residential loans—to its lowest point since 2000.
Both refinance and purchase mortgage originations fell nearly 20% from the previous quarter, with refis down 85% year over year.
Home equity lending also fell for the second quarter in a row.
The Massive Agent defends the phrase, “Marry the House, Date the Rate” as sound advice and explains why the problem isn’t the words but the execution.
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