When mortgage rates began rising from all-time lows a few years back, the number of Americans looking for a loan started to fall. But, according to new numbers from ATTOM Data Solutions, there was a bit of a borrower boom during the second quarter of this year. In fact, residential lending activity increased 23.2 percent from the previous quarter.
Rob Barber, ATTOM's CEO, says it was the biggest boost in years. “The mortgage industry got one of its biggest boosts in years during the second quarter, supported by a combination of the usual springtime home buyer demand coupled with more attractive mortgage rates,” Barber said. Good news for the mortgage industry is good news for home buyers, as lending activity rises when conditions are improving, and – with rates expected to come down further in months ahead – the gains look likely to continue.
[Source: ATTOM]
