Fair Lending Statistics: Approval Rates, Income & Demographics (2025)

HMDA Data For U.S. Home Buyers

As part of our annual study, we answer basic questions about U.S. home buyers and their mortgages, including:

• How many home buyers applied for a mortgage?
• How many mortgage applications were approved?
• How many mortgage applications were denied?

Next, we delve into additional mortgage statistics, such as:

• What are mortgage approval rates by demographics?
• How much does the average home buyer pay in mortgage origination fees?
• How does debt-to-income ratio affect mortgage approval rates?

We include data tables and charts, as appropriate.

What Is The Home Mortgage Disclosure Act (HMDA)?

HMDA (pronounced “HUM-duh”) is short for the Home Mortgage Disclosure Act. HMDA reports are the most comprehensive public database of U.S. mortgage market activity and serve as a fairness check on mortgage lenders and their practices.

HMDA requires lenders to share data about the mortgage applications they take and the mortgage loans they issue. The complete HMDA dataset contains 99 fields per record.

The Federal Financial Institutions Examination Council (FFIEC) and the Consumer Financial Protection Bureau (CFPB) govern HMDA reporting. These agencies require lenders to file annual reports with extensive loan-level details.

This annual study starts with general information and expands into the above five categories to reveal the state of mortgage lending and mortgage market activity nationwide. Data is compiled from the HMDA Snapshot Loan-Level Datasets, which are available on the CFPB website.

Home Buyer Mortgage Statistics

How many mortgage applications do consumers make each year?

In 2024, U.S. consumers submitted 7,771,858 mortgage applications, including purchase and refinance requests across all loan types.

What percentage of mortgage applications get approved each year?

In 2024, mortgage lenders approved 81.00% of applications received across all loan types, including conventional mortgages, FHA mortgages, VA mortgages, and USDA mortgages.

How many purchase mortgage applications do home buyers make each year?

Fewer home buyers applied for mortgages in 2024 amid rising mortgage rates and lower new and existing home supply, and the majority of mortgage applications were linked to primary residences. Only 325,850 of applications were for second homes or investment properties.

How many purchase mortgage applications do lenders approve each year?

Mortgage lenders approved fewer purchase mortgage applications overall in 2024, but mortgage approval rates remain high. Lenders approved 85.89% of mortgages for buyers in 2024, up from 85.08% in 2023.

Mortgage Statistics by Borrower Demographics

The next section of our home buyer study focuses on borrower demographics.

Borrower demographics refer to specific characteristics of mortgage applicants, such as gender, race, ethnicity, and age. We use HMDA data to measure purchase mortgage applications and their outcomes by demographic group.

What is the distribution of purchase mortgages by race (2024)?

The share of non-White home buyers has increased every year since the start of our study. In 2018, non-White home buyers comprised 26.11% of the mortgage market. In 2024, non-White home buyers account for 34.15% of the market.

What is the average home buyer mortgage loan size by race (2024)?

Asian home buyers borrowed more per mortgage than other racial groups in 2024. American Indian or Alaska Native home buyers borrowed the least. The average loan size for Black or African-American home buyers is 28.2% higher since 2020.

What is the mortgage application approval rate by race (2024)?

Mortgage applications from American Indian or Alaska Native home buyers were approved at the lowest rate among all groups in 2024. Applications from Asian home buyers were approved most frequently.

What is the average mortgage origination fee by race (2024)?

Mortgage origination fees, which is the sum of lender fees minus lender-issued closing cost credits, were highest for American Indian or Alaska Native home buyers, and Black or African American buyers. Origination fees were the lowest for Asian home buyers.

What is the distribution of purchase mortgages by ethnicity (2024)?

In 2024, home buyers who identify as Not Hispanic or Latino accounted for the majority of the mortgage market. Buyers of Joint ethnicity represented the smallest percentage.

What is the average home buyer mortgage loan size by ethnicity (2024)?

Home buyers with Joint ethnicity, which means that the mortgage application includes two or more borrowers claiming different ethnicities, borrowed the most to purchase a home, on average, as compared to other ethnicities in 2024.

What is the mortgage application approval rate by ethnicity (2024)?

Home buyers with Joint ethnicity garnered the highest mortgage application approval rate in 2024. Home buyers of Hispanic or Latino ethnicity received the lowest approval rate.

What is the average mortgage origination fee by ethnicity (2024)?

In 2024, the mortgage origination fee, which is the net lender fee associated with getting a mortgage, was highest for Hispanic or Latino home buyers. Origination fees were mostly the same among other ethnic groups.

Readers should not conclude that home buyers of Hispanic or Latino ethnicity pay more for the same mortgage than other ethnic groupings. Mortgage origination fees often inversely correlate with mortgage rates, and the Home Mortgage Disclosure Act does not require lenders to report mortgage rates.

Origination fees may also be linked to mortgage loan size.

What is the distribution of mortgages by age of the home buyer (2024)?

The relative percentage of 2024 home buyers under the age of 25 was its highest since at least 2018. The largest group of home buyers continues to be consumers in the 25-34 age bracket.

What is the average mortgage loan size by age of the home buyer (2024)?

Home buyers in the 35-44 age group borrowed the most money to purchase a home in 2024. Home buyers under the age of 25 borrowed the least.

What is the mortgage application approval rate by age of the home buyer (2024)?

Home buyers aged 25-34 were most likely to get their mortgage application approved in 2024, followed by home buyers aged 35-44 and then by home buyers aged 18-24.

What is the average mortgage origination fee by age of the home buyer (2024)?

In 2024, mortgage origination fees, which is the difference between the mortgage lender fees and mortgage lender credits, were highest for home buyers aged 18-24 and lowest for home buyers aged 25-34.

Readers should not draw conclusions based on HMDA mortgage origination fee data. Mortgage origination fees often inversely correlate with mortgage rates, and the Home Mortgage Disclosure Act does not require lenders to report mortgage rates.

For example, younger buyers may be asking their mortgage lender for lower mortgage rates to achieve a more favorable debt-to-income ratio.

What is the distribution of mortgages by gender of the home buyer (2024)?

In 2024, Female home buyers were listed as the primary mortgage applicant at the highest rate since at least 2018. The Female share of the market has increased every year since that time.

What is the average mortgage loan size by gender of the home buyer (2024)?

Mortgages that listed a Male as the primary mortgage applicant borrowed 18% more compared to mortgages with a Female primary borrower in 2024. The largest mortgages, on average, were granted to home buyers for whom no gender data was provided.

What is the mortgage application approval rate by gender of the home buyer (2024)?

The mortgage approval rate gap between Male and Female primary borrowers hovered near 3 percentage points for the eighth consecutive year. In 2024, the Female mortgage approval rate improved slightly from 2023.

What is the average mortgage origination fee by gender of the home buyer (2024)?

In 2024, Female mortgage applicants paid the most in mortgage origination fees, which is the sum of all mortgage lender fees minus all mortgage lender credits. Origination fees increased for all groups compared to the year prior.

Readers should not draw conclusions based on HMDA mortgage origination fee data. Mortgage origination fees often inversely correlate with mortgage rates, and the Home Mortgage Disclosure Act does not require lenders to report mortgage rates.

Fees may also correlate with loan size.

Mortgage Statistics by Borrower Creditworthiness

The next section of our home buyer study focuses on borrower creditworthiness.

HMDA law requires lenders to report three data points linked to creditworthiness: applicant credit score, debt-to-income ratio, and mortgage loan-to-value. These characteristics are also known as the 3 Cs of mortgage lending – credit, capacity-to-repay, and collateral.

• Credit scores measure the probability that a person will make on-time payments to their lender
• Debt-to-income ratio measures a person’s available monthly cash flow
• Loan-to-value measures the size of a home buyer’s down payment

The data in this section shows how creditworthiness affects a home buyer’s opportunity to get a mortgage approved.

What is the home buyer mortgage approval rate by debt-to-income ratio (2024)?

In 2024, the debt-to-income shown on a mortgage application did little to affect its approval rate, except when DTI exceeded 50 percent.

Note: it may appear counter-intuitive that mortgage approval rates were low in 2024 when home buyers' debt-to-income ratio fell below 20%, but consider that low DTI may be the result of having a limited or no credit history.

Lenders may lack sufficient data to approve those particular mortgages.

What is the distribution of mortgages by debt-to-income ratio (2024)?

The majority of U.S. home buyers have a debt-to-income ratio between 36% and 43%. This is consistent with conventional mortgage guidelines. The next most common DTI in 2024 was between 45% and 50%.

What is the home buyer mortgage approval rate by loan-to-value (2024)?

In 2024, home buyers who applied for a low-down payment mortgage with between 3% down and 5% down were most likely to get their mortgage application approved with an 89.5% approval rate. Home buyers who put down less than 3 percent down were least likely to be approved.

What is the distribution of mortgages by loan-to-value (2024)?

One-third of mortgages for home buyers in 2024 featured a loan-to-value of 95% or higher, with the majority of loans exceeding 97 percent LTV. More than nine percent of buyers made downpayments exceeding forty percent.

Note that LTV should not be used to find a buyer's downpayment size because HMDA data does not indicate whether a given mortgage application includes a subordinate lien such as a home equity loan or a HELOC, sometimes called a "Piggyback Mortgage."

Combined loan-to-value data is unavailable.

Furthermore, HMDA data uses a buyer's final loan amount, which, for home buyers using an FHA mortgage, reflects their upfront mortgage insurance premium. Therefore, although FHA mortgage guidelines require a 3.5 percent down payment for most borrowers, the loan-to-value on an FHA purchase loan often falls between 97% and 100%.

Mortgage Statistics by Loan Characteristics

The following section of our home buyer study examines Loan Characteristics.

HMDA regulations mandate lenders to provide 26 loan-level details about the applications submitted by buyers, including mortgage type, loan amount, and loan term.

• Mortgage type is whether a mortgage is a conventional loan, FHA loan, VA loan, or USDA loan
• Loan amount is the amount of money borrowed to purchase a home
• Loan term is the length of the mortgage loan, in months

The mortgage statistics in this section show how the characteristics of a loan may influence a home buyer’s mortgage approval and interest rate.

What are the most common mortgage loan types used by home buyers (2024)?

Home buyers overwhelmingly chose conventional mortgage financing in 2024. Conventional mortgages are mortgages backed by Fannie Mae or Freddie Mac. FHA mortgages were the next most common loan for home buyers.

This study does not track the use of non-qualified mortgages (non-QM mortgages) and other private mortgage lending. For more information, visit AnotherLender.com.

What's the mortgage approval rate for home buyers by loan type (2024)?

In 2024, USDA mortgage applications for home buyers were approved most often. FHA mortgage applications were approved least often.

What's the average mortgage loan size for home buyers by loan type (2024)?

Home buyers using VA mortgages, which are mortgages reserved for eligible members of the military and others, borrowed more money to buy a home in 2024 compared to other buyers using other loan types.

USDA mortgages, which are reserved for home buyers in non-urban areas of the country, borrowed the least to buy a home.

What is the average mortgage loan amount in the United States?

The average mortgage loan amount for purchase loans increased slightly in 2024 after dropping in 2023. The average home buyer's mortgage amount is $68,000 higher since six years ago.

What is the mortgage loan size distribution for home buyers (2024)?

In 2024, the most common range for loan size was between $200,000 and $299,999, followed by $300,000-$399,999 then $100,000-$199,999.

Fewer than 5 percent of buyers borrowed more than their local mortgage loan limits.

What is the mortgage loan term distribution for home buyers (2024)?

The 30-year mortgage remains the most common mortgage choice among U.S. home buyers, followed by the 15-year mortgage. These percentages are mostly unchanged year-to-year.

Mortgage Statistics by Property Characteristics

In our study’s Property Characteristics part, we look at how property details play into mortgage statistics. These characteristics include the type, location, and purpose of the property.

Property type refers to the kind of property for which a mortgage is sought. This could be a single-family home, a multifamily property, or a manufactured home. The property type can affect the chances of loan approval and the mortgage interest rate offered.

Another aspect is the property’s location. This can be in a rural, suburban, or urban area. Lenders might look at the property’s location when deciding whether to approve a mortgage. In some cases, they may offer different mortgage rates based on the geography.

The purpose of the property matters, too. The property could be a primary residence, a second home, or an investment property. Lenders often offer different rates and approval criteria based on the property’s purpose.

HMDA rules require mortgage lenders to record details about properties linked to their mortgage applications and funding, including home value, property type, and occupancy.

• Home value is the home’s purchase price or appraised value, whichever is lower
• Property type is the property’s unit count, from 1-unit to many units
• Occupancy indicates whether the home is a buyer’s primary residence, second home, or investment property

What is the distribution of mortgages for primary homes, vacation homes, and investment properties (2024)?

The majority of 2024 mortgages were issued for primary residences. The relative number of mortgages for second homes dropped from 5.29% in 2021 to 2.85% in 2024.

What is the approval rate of mortgages for primary homes, vacation homes, and investment properties (2024)?

Mortgage applications for second homes were approved at the highest relative rate in 2024, followed by applications for investment properties.

What is the distribution of mortgages for 1-unit, 2-unit, 3-unit, and 4-unit homes (2024)?

In 2024, the percentage of mortgages issued to home buyers of 1-unit homes far exceeded the amount issued to buyers of multi-unit properties. These findings are consistent year over year and may reflect the nature of the U.S. housing stock.

Mortgage Statistics by Lender Identification

In the Lender Identification portion of our study, we explore the role of the lender in mortgage applications. Each lending institution has its strategies, policies, and practices. These factors can affect the approval rates, fees, and interest rates they offer.

Lender Identification is not about individual loan officers but the institutions they work for. Lenders can range from big banks to small credit unions and traditional lenders to online-only platforms.

Some lenders may specialize in certain types of loans or cater to specific borrower demographics.

Understanding lenders’ roles and practices can provide valuable insights for prospective home buyers. In this section, we analyze the HMDA data to reveal the impact of lender identification on mortgage applications and approvals.

How many mortgage companies reported making at least one purchase mortgage?

In 2024, there was a 2.8% increase in the number of mortgage lenders who made at least one purchase mortgage. Note that some mortgage lenders did not make any purchase mortgages in 2024.

How are purchase mortgages distributed among mortgage companies (2024)?

In 2024, roughly one-third of purchase mortgages were issued by each of the following groups: the 10 biggest lenders, the next 90 biggest lenders, and the next 900 biggest lenders.

The other 3,700+ mortgage companies accounted for a fraction of the overall market.

What is the concentration of funded purchase mortgages among mortgage companies (2024)?

As in most years, the 2024 purchase mortgage market resembles an asymptote. Market share drops off sharply after the first few mortgage lenders then extends almost indefinitely toward 0.00% market share.

The other 3,700+ mortgage companies accounted for a fraction of the overall market.

HMDA Methodology

The data for our study was gathered from the FFIEC website, specifically the Snapshot National Loan Level Dataset. These Snapshot files contain national HMDA datasets from all HMDA reporters. The data was modified by the Bureau to protect the privacy of the applicant and borrower.

To keep our study focused, we filtered the data specifically for home buyers. We removed mortgage applications for purposes other than buying a home, including home construction and refinancing, except where explicitly noted. We limited the study’s scope to properties with 1-4 units. We did not include open-ended mortgages in first-lien positions including home equity line of credit (HELOC) mortgages, and excluded reverse mortgages from our analysis.

Our analysis was performed using database queries. This allowed us to efficiently sift through large datasets and pull out the most relevant information. We removed outlier data, mostly linked to mortgage applications that applicants either withdrew or that lenders denied due to incompleteness, or that fell outside of typical and expected ranges.

Less than one-half of one percent of HMDA data was excluded for reasons of reasonability.

Despite the completeness of the HMDA data, our study required additional calculations to answer more complex questions. Relative percentages and comparison figures were derived from more advanced calculations.

To ensure the accuracy of our study, we relied on the robustness of the HMDA data and the precision of our database queries. The stringent process of data extraction, filtering, and analysis contributed to the reliability of our results.

How To Use & Share Our Research

Homebuyer.com conducts HMDA mortgage data research to help home buyers understand the mortgage market, and to promote decency and fair treatment for home buyers.

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By sharing our HMDA mortgage data study and following these guidelines, we can work together to promote a fair and transparent mortgage lending environment for all home buyers.

For follow-up information and usage rights for our research, please email press@homebuyer.com. We are happy to help you do more with the data, including running custom queries to assist with personal, professional, or educational research.