According to ATTOM’s Q2 2024 U.S. Residential Property Mortgage Origination Report, a total of 1.62 million mortgages secured by residential property (1 to 4 units) were issued in the United States during the quarter, reflecting a 23.2 percent increase compared to the previous three-month period.
ATTOM’s latest analysis found that despite the increase, total residential lending activity remained 1.6 percent lower than in the second quarter of 2023 and 61.2 percent below the peak reached in 2021. However, it was the first gain in a year, bringing the number of residential loans close to the level from a year earlier. This rebound occurred during a robust Spring home-buying season, with mortgage interest rates slightly declining after months of increases.
The newly released Q2 2024 mortgage origination report also found that the overall lending increase was driven by gains across all major categories of residential loans, particularly in home buying. Purchase-loan activity surged by 32.7 percent quarterly, reaching approximately 783,000 loans. Refinance transactions increased by 10.3 percent, totaling around 546,000, while home-equity credit lines rose by 26.5 percent, reaching about 286,000.
Also, according to the report, in monetary terms, lenders issued nearly $533 billion in residential mortgages during the second quarter of 2024. This represents a 27.6 percent increase from the first quarter of 2024 and a 1.1 percent rise compared to the second quarter of the previous year.
ATTOM’s second-quarter mortgage origination analysis reported that with the national median home price reaching a new high in the second quarter of 2024, both the typical single-family home loan amount and the median down payment percentage increased. For homes purchased with financing in the second quarter of 2024, the median loan amount rose to $368,207. This marks a 7.2 percent increase from $343,561 in the previous quarter and an 8.4 percent rise from $339,625 a year earlier.
The analysis also stated that in the second quarter of 2024, The median down payment also increased, rising 11.1 percent quarterly to $24,250, although it remained 7.7 percent lower than a year earlier.
In this post, we take a deep data dive into the data behind the latest ATTOM mortgage origination report to uncover the top 10 U.S. metros with the largest median down payments for home purchases in Q2 2024.
Those metros include: San Jose, CA ($320,000 down payment); San Francisco, CA ($306,375); Santa Cruz, CA ($278,000); Los Angeles, CA ($223,537); San Diego, CA ($204,000); Oxnard, CA ($197,000); Boulder, CO ($195,000); Salinas, CA ($195,000); San Luis Obispo, CA ($186,000); and Santa Rosa, CA ($184,500).
Watch: ATTOM Top 10 U.S. Metros with Largest Median Down Payments for Home Purchases
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