Every month we take a look at the state of FHA lending by leveraging our app, FHAVision. FHAVision is an interactive dashboard of monthly FHA endorsement data by originator and sponsor.
With historical data dating back to 2010, we pull in current data each month as soon as it is published by HUD. Our users have access to loan-level data on 1300+ lenders by loan purpose, channel, and interest rate, with geographical analysis of FHA lending trends from the national level down to zip code. With this month update, FHAVision has 12+ years of monthly FHA originations down to the zip-code level.
The first month of FHA single-family lending for the calendar 2022 is here. The first thing we noticed was that the total number of FHA loans dropped to about 87k. The year is starting as the fourth worst year for FHA production in the last 13 years with January 2014, 2015, and 2019 being worse than January 2022. But due to the increasing loan amount, the overall originations volume of $16B is one of the highest (after 2021 and 2020).
Compared to last year, January 2022 purchase originations are lower in terms of number of loans - 60,370 purchase loans with an average mortgage interest rate of 3.32% and average loan amount of $265,046. In contrast, January 2021 had over 71k purchase originations with average mortgage interest rate of 2.90% and $244,278 average loan amount.
For more insights and to shape your purchase strategy, you can subscribe to FHAVision for detailed insights in all markets. For more information visit: Polygon Research.