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Maxwell Q2 2024 Mortgage Lending Report
In Q2, loan volume stagnated, with year-over-year volume declining 4%, and market conditions proved challenging for home buyers. Average down payments grew, and the median monthly income of borrowers reached their highest level seen in Maxwell data.
As homeowners looked for other ways to access their equity, HELOCs continued to outperform, more than doubling in volume compared to their historical average. Similarly, FHA and VA loans both gained share.
From this report, you’ll learn:
- How interest rates and loan volume trended in Q2—and what those metrics say about market recovery
- The major opportunity HELOCs, VA loans, and FHA loans still pose for mortgage lenders
- A profile of today’s home buyers, including data that shows how unaffordable the housing market has become for average income earners
- Predictions for the coming quarter and how lenders can get ahead of 2025’s market uptick
Download Maxwell’s Q2 2024 Maxwell Mortgage Lending Report
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“As we progress towards 2025—and the possibility of rate cuts—now is the time for lenders to prepare their operations for a significant uptick.”
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