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Rochester saw some of steepest declines in Q1 mortgage activity in U.S.
The Rochester area saw the fourth-largest decline in overall mortgage lending in the fourth quarter, according to data compiled by ATTOM. (Photo illustration from Depositphotos)
The Rochester area saw the fourth-largest decline in overall mortgage lending in the fourth quarter, according to data compiled by ATTOM. (Photo illustration from Depositphotos)
Rochester saw some of steepest declines in Q1 mortgage activity in U.S.
Listen to this articleWhile home mortgage activity slowed dramatically nationwide in the first quarter, Rochester saw some of the steepest quarter over quarter declines in purchase, refinancing and home equity lines of credit (HELOC) originations in the country.
Purchase mortgages fell 48.2 percent in Greater Rochester in Q1, the second-largest plunge for metropolitan areas with a population of at least one million and the sixth-largest drop in areas with at least 200,000 residents. Purchase mortgages also fell 18.9 percent year over year.
The data was part of the ATTOM‘s U.S. Residential Property Mortgage Origination Report for Q1, which analyzed recorded mortgage and deed of trust data for single-family homes, condos and townhomes as well as two- to four-unit multifamily properties.
Rochester saw the nation’s steepest drop in HELOC activity in the quarter (46.7 percent) among the largest metro areas and fourth-most overall.
Refinancing activity fell 20.5 percent, which was the fifth-steepest decline among the largest metro areas and 12th overall.
The continued historically low availability of homes for sale in the Rochester area, combined with high interest rates, led to the slowing of origination activity.
The months supply of homes in Rochester was just 0.5 for Q1, according to the New York State Association of Realtors. A balanced market, which Rochester hasn’t seen in a decade, has a months supply between 6.0 and 6.5.
“Purchase, refinancing and home-equity lending all posted declines from the previous quarter, continuing a seasonal trend we’ve seen during the start of the year over the past four years,” ATTOM CEO Rob Barber said in a news release regarding activity nationwide. “However, purchase activity stood out with home-buying loans falling to a 12-year low, as elevated home prices and higher mortgage rates continued to strain affordability for many buyers.”
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