Rochester mortgage activity rose substantially in Q3

Kevin Oklobzija//November 21, 2024//

Overall mortgage lending rose by 20.1 percent in the Rochester metropolitan area in the third quarter. (File photo by Kevin Oklobzija)

Kevin Oklobzija//November 21, 2024//

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Residential mortgage lending in the Rochester metropolitan area rose by 20.1 percent in the third quarter, the largest quarter-over-quarter percentage increase in the country among markets with at least one million residents.

While there were 2,680 mortgages issued on purchases between July and September in Greater Rochester, the majority (62.4 percent) were either refinancing (1,879) or home equity lines of credit (2,561).

All three categories saw their largest increases since 2022. The 2,680 purchase mortgages were the most since the fourth quarter of 2022 (2,787), and refinancing and HELOC lending climbed to their highest levels since the third quarter of 2022.

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The data was part of ATTOM’s third-quarter 2024 U.S. Residential Property Mortgage Origination Report, which was released Thursday. ATTOM is a leading curator of land, property data and real estate analytics.

ATTOM CEO Rob Barber said the overall rise in mortgage lending nationally was a reflection of lower interest rates in the third quarter but not necessarily increased homebuying, since inventory remains low and prices continue to escalate.

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