Northwest Arkansas mortgage activity down 28% year-over-year
A new report from California-based Attom Data Solutions shows that 5,160 mortgages secured by residential property were created in the first three months of 2022 in northwest Arkansas. This is a decrease of 27.6% compared to the first quarter of 2021 and 21.4% compared to the fourth quarter of 2021.
Attom Data Solutions tracks national housing and foreclosure data. The report includes 218 metropolitan statistical areas (MSAs) with a population of at least 200,000 and at least 1,000 total loans during the first quarter of the year.
Refinancing activity is down even more markedly. Attom’s analysis showed that 2,565 homeowners refinanced a mortgage in northwest Arkansas in the first quarter. That’s a 41% drop from the all-time high of 4,362 in the first quarter of 2021.
Attom’s report includes two other Arkansas subways. There were 6,571 new loans in the Little Rock metro in the first quarter of this year, down nearly 17% from the first quarter of 2021. In the Fort Smith metro, 1,715 mortgages were guaranteed in the first quarter, down 18% from the first quarter last year.
According to Attom, there were 2.71 million U.S. mortgages secured by residential property in the first quarter of 2022. That’s down 18% from the fourth quarter of 2021 — the biggest quarterly drop since 2017 — and a drop by 32% compared to the first quarter of 2021 – the largest annual decline since 2014.
The decline, which marked the fourth consecutive quarterly decline, was due to double-digit declines in stocks and buys.
“The decline in refinancing activity in the first quarter is no surprise, with mortgage rates rising as quickly as they have been,” said Attom executive vice president Rick Sharga. “But many forecasts predicted that purchase loans would remain strong in 2022, and even increase both the number of loans made and the dollar volume of those loans.”