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Maxwell Q1 2024 Mortgage Lending Report
While interest rates didn’t dramatically descend in Q1, Maxwell’s latest Mortgage Lending Report points towards market stabilization and the first signs of recovery. In the first quarter of the year, loan volume grew 23% quarter-over-quarter, and rates fell to 7.0%, the lowest quarterly average since Q2 2023.
Meanwhile, borrowers showed a continued appetite for HELOCs, VA loans, and FHA loans, and first-time home buyers displayed resilience despite market challenges, with loan volume growing at twice the rate of the overall market in Q1.
From this report, you’ll learn:
- The market’s continued path to recovery, including signs that the current downcycle is reaching its end
- The current interest rate, loan volume, and loan amount trajectories
- How HELOCs, VA loans, and FHA loans trended in Q1—and why lenders should continue to rely on these products to recoup lost volume
- The reasons first-time home buyers are surprisingly scrappy in today’s market—and how lenders can cater to this demographic
- Actionable ways to drive business despite market challenges
Download Maxwell’s Q1 2024 Maxwell Mortgage Lending Report
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“The current market has challenged first-time buyers to become creative in their property selection, locale of choice, and how they actually acquire a mortgage.”
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