A decline in interest rates near the end of 2023 drove up refi volume. Meanwhile, purchase-mortgage lending declined slightly on a sequential basis as seasonal factors limited demand. (Includes four data tables.)
Freedom Mortgage more than doubled its production from the fourth quarter to the first. Mike Patterson, COO of the nonbank, said the growth was driven by attractive loan characteristics.
The top-line originations number held steady compared with the fourth quarter while movements in the mortgage market occurred beneath the surface. United Wholesale Mortgage regained its position as the largest lender in the first quarter.
Potential homebuyers are showing stronger demand for mortgages than they were a year ago, even though interest rates are higher now. Economists at Fannie Mae revised their projections for mortgage originations upward last week.
United Wholesale Mortgage was the largest lender in 2023. Only 19 of the top 100 lenders increased their production during the year. (Includes data table.)