In Q1 2026, US residential mortgage originations ↓~13% quarterly to 1.57M loans, while dollar volume ↓~12% to $577.7B, showing a softer start for lending activity.
Purchase loans led the pullback, ↓~20% from Q4 2025 to 581.3K, the lowest quarterly total since Q1 2014 for US home-buying credit.
Purchase lending dollar volume reached $236.8B, ↓~18% quarterly and ↓~8% yearly, with purchase loans at ~37% of originations across US residential lending.
The lending shift was broad: purchase activity was weaker in nearly all analyzed metros, while total originations followed across most markets nationwide.
Heading into summer 2026, loan professionals described slower application conversations, influenced by geopolitical uncertainty, sticky inflation, mortgage rates, and central bank outlook.
US Purchase Lending Hits 12-Yr Low
