According to a recent report from ATTOM Data, HELOCs comprised 20.7% of all mortgages in Q4 2022 – nearly five times the 4.6% level from Q1 2021. The data, from their Q4 2022 U.S. Residential Property Mortgage Origination Report, also found that 1.52 million mortgages secured by residential property (1 to 4 units) were originated in the quarter. That figure was down 24% from Q3 2022, marking the seventh quarterly decrease in a row, and down 54% from Q4 2021.
“ATTOM’s Q4 2022 mortgage origination report stated that even home-equity lending dropped, by 16 percent in the last few months of 2022 – to a total of 313,973, following growth in five of the previous six quarters. The report mentioned the latest HELOC lending number was still up 31.8 percent from 238,164 in Q4 2021.”
Click here to read the full report at ATTOM.