We combed through 90.3 million home buyer mortgage applications from the last six years to bring you hundreds of mortgage statistics to share with friends, colleagues, and your REALTOR®.
Our methodology is included at the bottom of this page.
You may also be interested in our companion report, Generational Home Buyer Statistics, which lists more than 100 surprising statistics about home buyers and homeowners nationwide.
Happy homebuying, everyone.
| Statistic | Value |
|---|
| Mortgage applications submitted | 4,941,325 |
| Mortgage loans funded | 3,820,370 |
| Mortgage approval rate | 81.04% |
| Average mortgage loan size | $347,590 |
| Statistic | Value |
|---|
| Mortgage applications submitted by home buyers | 3,769,790 |
| Mortgage loans funded for home buyers | 3,096,748 |
| Mortgage approval rate for home buyers | 85.76% |
| Total purchase mortgage volume | $1,327,921,880,000 |
| Statistic | Value |
|---|
| % of mortgages that were purchase mortgages | 81.06% |
| Average loan size for a purchase mortgage | $367,298 |
| Average interest rate for a purchase mortgage | 6.619% |
| Average origination fee for a purchase mortgage | 0.788% |
| Statistic | Value |
|---|
| % of mortgages that were refinances | 18.94% |
| Average loan size for a refinance mortgage | $263,254 |
| Average interest rate for a refinance mortgage | 6.563% |
| Average origination fee for a refinance mortgage | 1.517% |
Purchase and Refinance Market Share (Since 2018)
| Year | Purchase | Refinance |
|---|
| 2018 | 45.2% | 54.8% |
| 2019 | 52.1% | 47.9% |
| 2020 | 35.8% | 64.2% |
| 2021 | 42.3% | 57.7% |
| 2022 | 78.9% | 21.1% |
| 2023 | 81.1% | 18.9% |
Data: Federal Financial Institutions Examination Council (FFIEC) / Home Mortgage Disclosure Act (HMDA). Accuracy of the data is based on public reporting standards and does not reflect individual lender submissions. Last updated: July 4, 2025
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| Statistic | Value |
|---|
| Mortgages issued for primary residences | 2,910,146 |
| Total volume of primary residence mortgages | $1,068,527,520,000 |
| Average mortgage rate on a primary residence home | 6.596% |
| Average loan size of a primary residence mortgage | $367,173 |
| Statistic | Value |
|---|
| Mortgages issued for second homes | 91,268 |
| Total volume of second home mortgages | $53,286,885,000 |
| Average mortgage rate on a second home | 6.906% |
| Average loan size of a second home mortgage | $505,132 |
| Statistic | Value |
|---|
| Mortgages issued for investment properties | 95,334 |
| Total volume of investment property mortgages | $34,322,940,000 |
| Average mortgage rate on an investment property home | 7.260% |
| Average loan size of an investment property mortgage | $252,289 |
| Statistic | Value |
|---|
| % of financing home buyers using conventional mortgage | 68.54% |
| Average size of a conventional mortgage | $384,644 |
| Average mortgage rate for a primary residence conventional mortgage | 6.593% |
| Average origination fee charged for a conventional mortgage | 0.685% |
| % of home buyers using conventional ARMs | 11.168% |
| Statistic | Value |
|---|
| % of financing home buyers using FHA mortgage | 19.68% |
| Average size of an FHA mortgage | $306,799 |
| Average mortgage rate for a primary residence FHA mortgage | 6.451% |
| Average origination fee charged for an FHA mortgage | 1.100% |
| % of home buyers using FHA ARMs | 0.396% |
| Statistic | Value |
|---|
| % of financing home buyers using VA mortgage | 10.66% |
| Average size of a VA mortgage | $375,685 |
| Average mortgage rate for a primary residence VA mortgage | 6.265% |
| Average origination fee charged for a VA mortgage | 0.419% |
| % of home buyers using VA ARMs | 0.410% |
| Statistic | Value |
|---|
| % of financing home buyers using USDA mortgage | 1.11% |
| Average size of a USDA mortgage | $185,045 |
| Average mortgage rate for a primary residence USDA mortgage | 6.504% |
| Average origination fee charged for a USDA mortgage | 1.278% |
| USDA mortgages with adjustable-rate option in 2023 | No |
| Year | Conventional | FHA | VA | USDA |
|---|
| 2018 | 72.1% | 18.2% | 8.5% | 1.2% |
| 2019 | 73.8% | 17.1% | 8.2% | 0.9% |
| 2020 | 75.2% | 16.3% | 7.8% | 0.7% |
| 2021 | 76.5% | 15.8% | 6.9% | 0.8% |
| 2022 | 77.2% | 15.4% | 6.7% | 0.7% |
| 2023 | 78.5% | 15.2% | 4.8% | 1.5% |
Data: Federal Financial Institutions Examination Council (FFIEC) / Home Mortgage Disclosure Act (HMDA). Accuracy of the data is based on public reporting standards and does not reflect individual lender submissions. Last updated: July 4, 2025
- Since 2000, 15-year mortgages average 0.559 percentage points below 30-year mortgages
- Since 2020, the largest weekly spread between a 15-year and 30-year mortgage is 0.970 percentage points (June 16, 2022)
- Since 2020, the smallest weekly spread between a 15-year and 30-year mortgage is 0.440 percentage points (November 25, 2020) Source: Freddie Mac
- Largest weekly increase: March 14, 1980 when rates moved 14.00% to 15.40% (+1.40%)
- Largest weekly decrease: May 9, 1980, when rates moved 15.90% to 14.68% (-1.22%)
- Largest recent weekly increase: June 16, 2022, when rates moved 5.23% to 5.78% (+0.55%)
- Largest recent weekly decrease: November 17, 2022, when rates moved 7.08% to 6.61% (-0.47%) Source: Freddie Mac
| Trait | Value |
|---|
| % of 2023 mortgages using a 30-year mortgage term | 87.54% |
| % of 2023 mortgages that were ARMs | 7.78% |
| Average mortgage origination fee in 2023 | 0.74% per loan |
| % of mortgages in 2023 for 1-unit homes | 98.10% |
| Term | Value |
|---|
| % of 2023 mortgages with a prepayment penalty | 0.031% |
| % of 2023 mortgages with a balloon payment | 0.312% |
| % of 2023 mortgages with an interest only feature | 1.595% |
| % of 2023 mortgages with a negative amortization feature | 0.001% |
Data: Federal Financial Institutions Examination Council (FFIEC) / Home Mortgage Disclosure Act (HMDA). Accuracy of the data is based on public reporting standards and does not reflect individual lender submissions. Last updated: July 4, 2025
| Down Payment Range | % of Home Buyers |
|---|
| More than 20% down | 32.38% |
| 5-10% down payment | 14.92% |
| 3-5% down payment | 10.66% |
| Less than 3% down | 23.46% |
| County | Average Interest Rate |
|---|
| Holmes, MS | 7.340% |
| Quay, NM | 7.308% |
| Tallahatchie, MS | 7.300% |
| Dickenson, VA | 7.259% |
| Pope, IL | 7.256% |
| County | Average Interest Rate |
|---|
| New York, NY | 5.832% |
| Guadalupe, TX | 5.896% |
| Berkshire, MA | 5.952% |
| Saratoga, NY | 5.972% |
| Caldwell, TX | 5.977% |
| County | Average Origination Fee |
|---|
| Coahoma, MS | 2.513% |
| Mitchell, TX | 2.187% |
| Stoddard, MO | 2.132% |
| Lincoln, AR | 2.094% |
| Dunklin, MO | 2.093% |
| Swisher, TX | 2.078% |
| Lake, TN | 2.059% |
| White Pine, NV | 2.030% |
| Phillips, AR | 2.008% |
| Wayne, TN | 1.950% |
| County | Average Origination Fee |
|---|
| Berkshire, MA | -0.472% |
| Braxton, WV | -0.101% |
| Wayne, WV | 0.031% |
| Santa Clara, CA | 0.047% |
| Dukes, MA | 0.055% |
| Dane, WI | 0.070% |
| Sublette, WY | 0.081% |
| Letcher, KY | 0.093% |
| Boone, WV | 0.106% |
| San Mateo, CA | 0.126% |
| County | USDA Loans Count |
|---|
| East Baton Rouge, LA | 151 |
| Livingston, LA | 147 |
| Spartanburg, SC | 144 |
| Berkeley, WV | 141 |
| Lafayette, LA | 141 |
| St. Francois, MO | 131 |
| Tangipahoa, LA | 117 |
| Bexar, TX | 114 |
| St. Tammany, LA | 113 |
| Madison, AL | 111 |
The median household income is the middle amount of money families make in a specific city or area, calculated by the FFIEC.
Imagine 100 households lining up based on how much money they make every year. The family standing right in the middle of the line makes the median household income.
The FFIEC calculates median household income for different metro areas to help banks and lenders understand how much families in an area typically make and help decide who can qualify for certain loans.
| Loan Type | % earning no more than area median |
|---|
| Conventional buyers | 38.017% |
| FHA buyers | 52.451% |
| VA buyers | 39.720% |
| USDA mortgage buyers | 70.268% |
| Loan Type | % earning 80% or less of area median |
|---|
| Conventional buyers | 25.211% |
| FHA buyers | 31.591% |
| VA buyers | 21.642% |
| USDA buyers | 41.172% |
| Loan Type | % earning 50% or less of area median |
|---|
| Conventional buyers | 6.179% |
| FHA buyers | 5.896% |
| VA buyers | 2.479% |
| USDA buyers | 6.531% |
4,665 mortgage lenders funded mortgage loans for home buyers
| Mortgage Lender | Total Loan Volume |
|---|
| United Shore Financial Services | $89,984,280,000 |
| Rocket Mortgage | $44,750,810,000 |
| Crosscountry Mortgage | $25,753,480,000 |
| Fairway Independent Mortgage Corporation | $24,834,930,000 |
| Jpmorgan Chase Bank | $23,453,680,000 |
| Dhi Mortgage Company | $21,006,495,000 |
| Wells Fargo Bank | $20,363,920,000 |
| Guaranteed Rate | $18,558,320,000 |
| Movement Mortgage | $18,401,870,000 |
| U.S. Bank National Association | $18,148,195,000 |
| Mortgage Lender | Mortgages Funded |
|---|
| United Shore Financial Services | 230,790 |
| Rocket Mortgage | 129,468 |
| Fairway Independent Mortgage Corporation | 72,602 |
| Crosscountry Mortgage | 69,946 |
| Dhi Mortgage Company | 62,153 |
| Mortgage Research Center | 60,425 |
| Movement Mortgage | 52,902 |
| Guaranteed Rate | 48,044 |
| Lennar Mortgage | 47,255 |
| Jpmorgan Chase Bank | 46,230 |
| Mortgage Lender | Mortgages Funded |
|---|
| United Shore Financial Services | 152,684 |
| Rocket Mortgage | 95,626 |
| Fairway Independent Mortgage Corporation | 46,262 |
| Crosscountry Mortgage | 46,118 |
| Jpmorgan Chase Bank | 44,121 |
| Mortgage Lender | Mortgages Funded |
|---|
| United Shore Financial Services | 54,508 |
| Rocket Mortgage | 26,155 |
| Dhi Mortgage Company | 22,234 |
| Fairway Independent Mortgage Corporation | 18,507 |
| Crosscountry Mortgage | 17,311 |
| Mortgage Lender | Mortgages Funded |
|---|
| Mortgage Research Center | 54,693 |
| United Shore Financial Services | 22,196 |
| Navy Federal Credit Union | 16,597 |
| Dhi Mortgage Company | 11,174 |
| Rocket Mortgage | 7,687 |
| Mortgage Lender | Mortgages Funded |
|---|
| United Shore Financial Services | 1,402 |
| Fairway Independent Mortgage Corporation | 968 |
| Guild Mortgage Company | 892 |
| Flat Branch Mortgage | 798 |
| Crosscountry Mortgage | 754 |
The word “mortgage” comes from the Old French term “mort gage,” which means “death pledge.” This refers to the idea that the obligation ends, or “dies”, when the loan is paid off or the property is taken.
The first Savings & Loan bank was established in 1831 in Frankford, Pennsylvania, to help its members obtain mortgages and realize their dream of homeownership.
Some U.S. homeowners place a winged bald eagle above their door to symbolize freedom from mortgage payments.
Homeowners sometimes hold “mortgage burning parties” after paying off their home loans, where the physical mortgage paper is burned in celebration.
In Japan, banks offer 100-year mortgages, which are designed to last multiple generations.
The data for our study was gathered from the FFIEC website, specifically the Snapshot National Loan Level Dataset for 2023, except where noted. Application data is modified by the agency to protect applicant and borrower privacy.
The scope for each mortgage statistic is included within each section. Categorically, we excluded open-ended mortgages with first-lien positions, including home equity line of credit (HELOC) mortgages and reverse mortgages, except where noted.
We collected the mortgage facts on this webpage using database queries. We removed outlier data, mostly linked to mortgage applications that applicants either withdrew or that lenders denied due to incompleteness or fell far beyond typical and expected ranges.
Less than one-half of one percent of HMDA data was excluded for reasonability reasons.
Despite the thorough nature of HMDA data, our study required additional calculations to derive more complex mortgage statistics. Relative percentages and comparison figures required advanced mathematical calculations, which we queried and compiled.
To ensure the accuracy of our study, we relied on the robustness of the HMDA data and the precision of our queries. The stringent data extraction, filtering, and analysis process improved our results’ reliability.
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