U.S. home purchase lending plunged to its lowest level in 12 years at the start of 2026, dragged down by elevated home prices and mortgage rates stuck above 6% that sidelined many prospective buyers.
Roughly 581,000 home purchase loans were originated from January through March 2026, down 19% from the previous quarter, according to the Q1 2026 U.S. Residential Property Mortgage Origination Report from real estate data firm ATTOM.
This marks the lowest quarterly total since the beginning of 2014—a period when severe winter weather and a decline in exports triggered a sharp and unexpected contraction of the U.S. economy…