Refinance and HELOC Activity Grows Slightly as Purchase Lending Declines, According to ATTOM’s Q3 2025 U.S. Residential Property Mortgage Origination Report
IRVINE, Calif. – November 20, 2025 — ATTOM, a leading curator of land, property data, and real estate analytics, today released its Q3 2025 U.S. Residential Property Mortgage Origination Report, which shows that 1.77 million mortgages secured by residential property (1 to 4 units) were issued in the third quarter of 2025. That marked a 1.6 percent decrease from the prior quarter but a 1.9 percent increase from the same period last year.
The $600.4 billion in total dollar volume represented a 3.1 percent decrease from Q2 2025 but a 3.1 percent increase from the same time last year. Purchase loans declined quarter over quarter and year over year, while refinance loans and HELOCs edged higher on both a quarterly and annual basis.
“Mortgage activity eased back a touch from the spring pickup, but it’s still running slightly ahead of last year,” said Rob Barber, CEO at ATTOM. “The modest lift in refinance and HELOC activity suggests some homeowners are taking advantage of small rate improvements and tapping equity, while purchase activity remains constrained by affordability. Taken together, Q3 looks like a market treading water rather than turning a corner.”
Overall Lending Activity Slips Sightly
In total, 1,773,487 mortgage loans were originated in Q3 2025, down 1.6 percent from 1,802,065 in Q2 2025 but up 1.9 percent year over year. The $600.4 billion in mortgage lending volume was down 3.1 percent quarter over quarter and up 3.1 percent annually.
Mortgage activity increased quarterly in 98 of 209 U.S. metropolitan areas analyzed. The biggest quarterly gains among large metros with populations exceeding 1 million included Buffalo, NY (up 17.3 percent), Cleveland, OH (up 12.0 percent), New York, NY (up 10.2 percent), Philadelphia, PA (up 8.1 percent), and Portland, OR (up 7.5 percent).
At the same time, 111 metros saw quarterly declines in total lending, with the sharpest quarterly drops in Austin, TX; Myrtle Beach, FL; Rochester, NM; Waco, TX; and Columbus, GA.
Purchase Mortgage Lending Cools
Purchase mortgage originations fell to 765,667 loans in Q3 2025 — down 4.8 percent from Q2 and down 6.6 percent from Q3 2024. Purchase loan dollar volume dropped to $309.6 billion, down 5.2 percent quarter over quarter and 3.3 percent year over year.
Purchase loans accounted for 43.2 percent of all originations and 51.6 percent of total dollar volume, down from 44.6 percent and 52.7 percent in Q2 2025.
Purchase mortgage lending declined quarter-over quarter in 67 percent of the 209 metros analyzed. Major markets with populations exceeding 1 million with the steepest quarterly drops included Austin, TX (down 35.6 percent), Atlanta, GA (down 25.8 percent), San Antonio, TX (down 19.5 percent), Washington, DC (down 15.8 percent), and Dallas, TX (down 15.7 percent).
Those large metros with the strongest quarterly gains included Buffalo, NY; New York, NY; Rochester, NY; Cleveland, OH; and Philadelphia, PA.
Refinance Lending Shows Modest Growth
Refinance loan originations edged up to 688,502 in Q3 2025, up 0.2 percent from Q2 and up 12.0 percent from Q3 2024. Refinance loan volume reached $229.7 billion, down 1.2 percent quarter over quarter but up 12.5 percent annually.
Refinances accounted for 38.8 percent of all loans and 38.3 percent of total dollar volume, both slightly higher than in the previous quarter.
Refinance activity rose quarterly in 110 metros, led by the following metros with populations exceeding 1 million: Las Vegas, NV (up 32.9 percent), New Orleans, LA (up 17.9 percent), Phoenix, AZ (up 16.7 percent), Cleveland, OH (up 15.4 percent), and Honolulu, HI (up 14.8 percent).
Home-Equity Lending (HELOCs) Continues to Rise
Home-equity line of credit (HELOC) lending increased to 319,318 loans in Q3 2025 — up 2.8 percent from Q2 2025 and up 4.6 percent from Q3 2024. HELOC dollar volume rose to $61.1 billion, up 0.7 percent quarter over quarter and 5.9 percent year over year.
HELOCs made up 18.0 percent of all mortgage originations and 10.2 percent of total dollar volume, compared to 17.2 percent and 9.8 percent in the previous quarter.
The largest quarterly HELOC increases among metros with populations over 1 million were recorded in Portland, OR (up 27.6 percent), Virginia Beach, VA (up 24.3 percent), Richmond, VA (up 22.5 percent), Fresno, CA (up 18.2 percent), and Birmingham, AL (up 17.6 percent).
FHA, VA, and Construction Lending Slip Modestly in Q3 2025
Government-backed and construction mortgage lending declined slightly in Q3 2025 as total origination volume eased. FHA loans accounted for 14.0 percent of all loans, down from 14.9 percent in Q2 2025. Veterans Administration (VA) loans represented 5.7 percent, down from 5.9 percent, while construction loans made up 1.1 percent of total mortgage activity, compared with 1.5 percent the prior quarter.
Despite the minor decrease, FHA and VA mortgage programs remain critical in supporting first-time buyers and military veterans amid affordability challenges and limited inventory. These programs, along with construction lending, continue to help sustain the housing market by offering accessible financing options and enabling homeownership opportunities across the U.S.
Mortgage Market Shows Cautious Stability Heading Into Year-End
Overall, Q3 2025 mortgage data from ATTOM points to a housing finance market that is stabilizing but still constrained by affordability and rate pressures. Refinance and home-equity lending showed mild resilience, while purchase activity cooled alongside modest declines in FHA, VA, and construction loans. As interest rates and home prices continue to influence buyer sentiment, the latest figures suggest a cautious but steady lending environment heading into the final quarter of 2025.
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Report methodology
ATTOM analyzed recorded mortgage and deed of trust data for single-family homes, condos, town homes and multi-family properties of two to four units for this report. Each recorded mortgage or deed of trust was counted as a separate loan origination. Dollar volume was calculated by multiplying the total number of loan originations by the average loan amount for those loan originations.
About ATTOM
ATTOM powers innovation across industries with premium property data and analytics covering 158 million U.S. properties—99% of the population. Our multi-sourced real estate data includes property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, neighborhood and geospatial boundary information, all validated through a rigorous 20-step process and linked by a unique ATTOM ID.
From flexible delivery solutions—such as Property Data APIs, Bulk File Licenses, Cloud Delivery, Real Estate Market Trends—to AI-Ready datasets, ATTOM fuels smarter decision-making across industries including real estate, mortgage, insurance, government, and more.
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