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Updated: February 7, 2025
Welcome to the 2023 Homebuyer.com Home Mortgage Disclosure Act (HMDA) study.
In our annual home buyer study, we present mortgage statistics parsed from 7.6 million first-lien residential mortgage applications submitted by U.S. home buyers last year and 90.3 million since 2018.
Our data source is the Federal Financial Institutions Examination Council (FFIEC), which collects mortgage application data from U.S. lenders per Regulation C. Data is stripped of personally identifiable information and then sorted by race, gender, ethnicity, and dozens of other criteria.
We encourage you to read our study methodology and cite this study in research, websites, and newscasts. Please use proper attribution as described at the bottom of this article.
As part of our annual study, we answer basic questions about U.S. home buyers and their mortgages, including:
Next, we delve into additional mortgage statistics, such as:
We include data tables and charts, as appropriate.
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.
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In 2023, U.S. consumers submitted 7,587,762 mortgage applications, including purchase and refinance requests.
| Year | Number of Applications |
|---|---|
| 2018 | 11,493,286 |
| 2019 | 14,012,821 |
| 2020 | 22,612,525 |
| 2021 | 22,787,074 |
| 2022 | 11,814,562 |
| 2023 | 7,587,762 |
In 2023, mortgage lenders approved 81.04% of applications received across all loan types, including conventional mortgages, FHA mortgages, VA mortgages, and USDA mortgages.
| Year | Approval Rate |
|---|---|
| 2018 | 81.10% |
| 2019 | 84.28% |
| 2020 | 86.81% |
| 2021 | 86.47% |
| 2022 | 81.98% |
| 2023 | 81.04% |
Fewer home buyers applied for mortgages in 2023 amid rising mortgage rates and lower new and existing home supply, and the majority of mortgage applications were linked to primary residences. Only 306,259 of applications were for second homes or investment properties.
| Year | Number of Applications |
|---|---|
| 2018 | 7,081,255 |
| 2019 | 7,244,800 |
| 2020 | 7,712,245 |
| 2021 | 8,383,886 |
| 2022 | 7,045,737 |
| 2023 | 5,704,709 |
Mortgage lenders approved fewer purchase mortgage applications overall in 2023, but mortgage approval rates remain high. Lenders approved 85.76% of mortgages for buyers.
| Year | Approval Rate |
|---|---|
| 2018 | 87.60% |
| 2019 | 88.50% |
| 2020 | 88.15% |
| 2021 | 88.80% |
| 2022 | 87.04% |
| 2023 | 85.76% |
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.
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 2023, non-White home buyers account for 33.83% of the market.
| Race | Relative Share |
|---|---|
| American Indian or Alaska Native | 0.60% |
| Asian | 7.56% |
| Black or African American | 7.77% |
| Native Hawaiian or Other Pacific Islander | 0.18% |
| White | 66.17% |
| Joint | 2.79% |
| Other | 14.93% |
Asian home buyers borrowed more per mortgage than other racial groups in 2023. American Indian or Alaska Native home buyers borrowed the least. The average loan size for Black or African-American home buyers is 26.5% higher since 2020.
| Race | Loan Amount |
|---|---|
| American Indian or Alaska Native | $293,025 |
| Asian | $505,538 |
| Black or African American | $323,416 |
| Native Hawaiian or Other Pacific Islander | $374,614 |
| White | $347,273 |
| Joint | $447,293 |
| Other | $396,823 |
Mortgage applications from American Indian or Alaska Native home buyers were approved at the lowest rate among 2023. Applications from Asian home buyers were approved most frequently.
| Race | Approval Rate |
|---|---|
| American Indian or Alaska Native | 66.91% |
| Asian | 87.01% |
| Black or African American | 68.53% |
| Native Hawaiian or Other Pacific Islander | 72.09% |
| White | 83.43% |
| Joint | 85.27% |
| Other | 76.91% |
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.
| Race | Average Origination Fee |
|---|---|
| American Indian or Alaska Native | 0.877% |
| Asian | 0.508% |
| Black or African American | 0.860% |
| Native Hawaiian or Other Pacific Islander | 0.848% |
| White | 0.798% |
| Joint | 0.696% |
| Other | 0.747% |
In 2023, 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.
| Ethnicity | Relative Share |
|---|---|
| Hispanic or Latino | 12.18% |
| Joint | 3.12% |
| Not Hispanic or Latino | 71.22% |
| Other | 13.48% |
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 2023.
| Ethnicity | Loan Amount |
|---|---|
| Hispanic or Latino | $332,826 |
| Not Hispanic or Latino | $365,531 |
| Joint | $409,586 |
| Other | $397,985 |
Home buyers with Joint ethnicity garnered the highest mortgage application approval rate in 2023. Home buyers of Hispanic or Latino ethnicity received the lowest approval rate.
| Ethnicity | Approval Rate |
|---|---|
| Hispanic or Latino | 75.42% |
| Not Hispanic or Latino | 82.66% |
| Joint | 84.46% |
| Other | 77.45% |
In 2023, 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.
| Ethnicity | Average Origination Fee |
|---|---|
| Hispanic or Latino | 1.013% |
| Not Hispanic or Latino | 0.732% |
| Joint | 0.745% |
| Other | 0.738% |
The relative percentage of 2023 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.
| Age Group | Relative Share |
|---|---|
| 18-24 | 6.40% |
| 25-34 | 32.07% |
| 35-44 | 26.18% |
| 45-54 | 16.60% |
| 55-64 | 11.53% |
| 65+ | 7.23% |
Home buyers in the 35-44 age group borrowed the most money to purchase a home in 2023. Home buyers under the age of 25 borrowed the least.
| Age Bracket | Loan Amount |
|---|---|
| 18-24 | $236,218 |
| 25-34 | $348,394 |
| 35-44 | $424,344 |
| 45-54 | $402,005 |
| 55-64 | $353,271 |
| 65+ | $302,825 |
Home buyers aged 25-34 were most likely to get their mortgage application approved in 2023, followed by home buyers aged 35-44 and then by home buyers aged 18-24.
| Age Bracket | Approval Rate |
|---|---|
| 18-24 | 80.69% |
| 25-34 | 85.18% |
| 35-44 | 81.91% |
| 45-54 | 78.62% |
| 55-64 | 77.90% |
| 65+ | 76.90% |
In 2023, 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.
| Age Bracket | Average Origination Fee |
|---|---|
| 18-24 | 0.836% |
| 25-34 | 0.732% |
| 35-44 | 0.738% |
| 45-54 | 0.819% |
| 55-64 | 0.829% |
| 65+ | 0.791% |
In 2023, 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.
| Gender | Relative Share |
|---|---|
| Male | 61.24% |
| Female | 32.75% |
| Not Provided | 5.40% |
| Not Applicable | 0.54% |
| Both | 0.06% |
Mortgages that listed a Male as the primary mortgage applicant borrowed 17% more compared to mortgages with a Female primary borrower in 2023. The largest mortgages, on average, were granted to home buyers for whom no gender data was provided.
| Gender | Loan Amount |
|---|---|
| Male | $385,407 |
| Female | $330,004 |
| Not Provided | $407,077 |
| Not Applicable | $372,495 |
| Both | $389,814 |
The mortgage approval rate gap between Male and Female primary borrowers hovered near 3 percentage points for the sixth consecutive year. In 2023, the Female mortgage approval rate was its lowest since at least 2018.
| Gender | Approval Rate |
|---|---|
| Male | 82.74% |
| Female | 79.09% |
| Not Provided | 75.04% |
| Not Applicable | 97.27% |
| Both | 75.19% |
In 2023, 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.
| Gender | Average Origination Fee |
|---|---|
| Male | 0.728% |
| Female | 0.848% |
| Not Provided | 0.704% |
| Not Applicable | 0.463% |
| Both | 0.888% |
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.
The data in this section shows how creditworthiness affects a home buyer’s opportunity to get a mortgage approved.
In 2023, 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 2023 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.
| Debt-to-Income | Approval Rate |
|---|---|
| <20% | 74.58% |
| 20%-30% | 86.78% |
| 30%-36% | 88.44% |
| 36%-43% | 88.81% |
| 43%-45% | 88.41% |
| 45%-50% | 87.85% |
| >50% | 71.16% |
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 2023 was between 45% and 50%.
| Debt-to-Income | Relative Share |
|---|---|
| <20% | 3.95% |
| 20%-30% | 13.69% |
| 30%-36% | 15.46% |
| 36%-43% | 26.21% |
| 43%-45% | 12.72% |
| 45%-50% | 17.90% |
| >50% | 10.07% |
In 2023, 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% approval rate. Home buyers who put down less than 3 percent down were least likely to be approved.
| LTV Bucket | Approval Rate |
|---|---|
| <60% | 78.49% |
| 60-70.00% | 80.52% |
| 70.01-80% | 84.72% |
| 80.01-90% | 84.05% |
| 90.01-95% | 86.06% |
| 95.01-97% | 89.06% |
| 97.01-100% | 77.53% |
One-third of mortgages for home buyers in 2023 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%.
| LTV Bucket | Relative Share |
|---|---|
| <60% | 9.42% |
| 60-70.00% | 5.70% |
| 70.01-80% | 15.82% |
| 80.01-90% | 19.08% |
| 90.01-95% | 15.99% |
| 95.01-97% | 11.53% |
| 97.01-100% | 22.47% |
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.
The mortgage statistics in this section show how the characteristics of a loan may influence a home buyer’s mortgage approval and interest rate.
Home buyers overwhelmingly chose conventional mortgage financing in 2023. 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) and other private mortgage lending.
| Loan Type | Relative Share |
|---|---|
| Conventional | 68.70% |
| FHA | 19.72% |
| VA | 10.50% |
| USDA | 1.08% |
In 2023, USDA mortgage applications for home buyers were approved most often. FHA mortgage applications were approved least often.
| Loan Type | Approval Rate |
|---|---|
| Conventional | 81.15% |
| FHA | 78.34% |
| USDA | 86.10% |
| VA | 83.40% |
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 2023 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.
| Loan Type | Average Loan Amount |
|---|---|
| Conventional | $386,076 |
| FHA | $306,748 |
| VA | $375,695 |
| USDA | $185,041 |
The average mortgage loan amount for purchase loans dropped in 2023 for the first time since at least 2018. Still, the average home buyer’s mortgage amount is $98,000 higher since six years ago.
| Year | Average Loan Amount |
|---|---|
| 2018 | $269,957 |
| 2019 | $281,341 |
| 2020 | $302,884 |
| 2021 | $346,635 |
| 2022 | $373,765 |
| 2023 | $367,173 |
In 2023, 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.
| Loan Amount Bucket | Relative Share |
|---|---|
| <$100k | 4.47% |
| $100k-$199k | 18.34% |
| $200k-$299k | 24.91% |
| $300k-$399k | 20.86% |
| $400k-$499k | 12.55% |
| $500k-$599k | 7.16% |
| $600k-$699k | 4.27% |
| $700k-$799k | 2.83% |
| $800k-$899k | 1.08% |
| >=$900k | 3.53% |
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.
| Loan Term | Relative Share |
|---|---|
| 120 | 0.20% |
| 180 | 2.00% |
| 240 | 0.91% |
| 360 | 93.72% |
| Other | 3.17% |
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.
The majority of 2023 mortgages were issued for primary residences. The relative number of mortgages for second homes dropped from 5.29% in 2021 to 2.95% in 2023.
| Occupancy Type | Relative Share |
|---|---|
| Principal residence | 93.97% |
| Second residence | 2.95% |
| Investment property | 3.08% |
Mortgage applications for second homes were approved at the highest relative rate in 2023, followed by applications for investment properties.
| Occupancy Type | Approval Rate |
|---|---|
| Principal residence | 80.84% |
| Second residence | 84.90% |
| Investment property | 83.70% |
In 2023, 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.
| Total Units | Relative Share |
|---|---|
| 1 | 98.53% |
| 2 | 1.25% |
| 3 | 0.16% |
| 4 | 0.07% |
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.
In 2023, there was a 12.1% 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 2023.
| Year | Number of Lenders |
|---|---|
| 2018 | 5,288 |
| 2019 | 5,161 |
| 2020 | 4,204 |
| 2021 | 4,075 |
| 2022 | 4,160 |
| 2023 | 4,665 |
In 2023, 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 3,600+ mortgage companies accounted for a fraction of the overall market.
| Lender Rank Bucket | Total Loans Closed |
|---|---|
| 1-10 | 819,815 |
| 11-100 | 1,069,650 |
| 101-1000 | 973,364 |
| 1001+ | 233,919 |
As in most years, the 2023 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 first 50 lenders did half of 2023‘s purchase loans. The remaining 4,615 companies did the other half.
| Rank | Relative Share |
|---|---|
| 1 | 7.45% |
| 2 | 4.18% |
| 3 | 2.34% |
| 4 | 2.26% |
| 5 | 2.01% |
| 6 | 1.95% |
| 7 | 1.71% |
| 8 | 1.55% |
| 9 | 1.53% |
| 10 | 1.49% |
| 11 | 1.30% |
| 12 | 1.27% |
| 13 | 1.13% |
| 14 | 1.08% |
| 15 | 1.00% |
| 16 | 0.91% |
| 17 | 0.84% |
| 18 | 0.79% |
| 19 | 0.74% |
| 20 | 0.70% |
| 21 | 0.69% |
| 22 | 0.67% |
| 23 | 0.65% |
| 24 | 0.61% |
| 25 | 0.59% |
| 26 | 0.58% |
| 27 | 0.56% |
| 28 | 0.56% |
| 29 | 0.56% |
| 30 | 0.55% |
| 31 | 0.51% |
| 32 | 0.48% |
| 33 | 0.48% |
| 34 | 0.46% |
| 35 | 0.44% |
| 36 | 0.43% |
| 37 | 0.43% |
| 38 | 0.43% |
| 39 | 0.43% |
| 40 | 0.40% |
| 41 | 0.40% |
| 42 | 0.38% |
| 43 | 0.36% |
| 44 | 0.36% |
| 45 | 0.36% |
| 46 | 0.35% |
| 47 | 0.35% |
| 48 | 0.34% |
| 49 | 0.33% |
| 50 | 0.32% |
| Remaining Lenders | 49.72% |
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.
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.
Our detailed findings can be shared across social media platforms, personal blogs, and online forums or used in academic and professional presentations. However, we request that you adhere to the following attribution guidelines while doing so:
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.
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