However, despite the positive momentum, the report suggested the increase may be more of an outlier than a trend. MBA reported that mortgage application activity has been muted, increasing just 0.5% over the week.
Read more: Mortgage rates fall, but buyers hold off
“A cautionary note is warranted, as we shouldn’t read too much into one great quarter. A similar trend occurred last Spring, with lending dropping off significantly later in the year,” said ATTOM chief executive officer Rob Barber.
While the second quarter’s gains have helped recover some ground after three consecutive quarters of decline, the total residential lending is still 1.6% lower than the same period last year and remained 61.2% below the 2021 peak.
The rebound was also widespread across different types of loans, with home purchase loans jumping 32.7%, refinance deals rising 10.3%, and home-equity credit lines increasing by 26.5%.
