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.
Mortgage Market Statistics From 2023
All mortgages
- Mortgage applications submitted: 4,941,325
- Mortgage loans funded: 3,820,370
- Mortgage approval rate: 81.04%
- Average mortgage loan size: $347,590
Mortgages for home buyers
- 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
Purchase mortgage statistics
- 81.06% of mortgages were purchase mortgages
- The average loan size for a purchase mortgage was $367,298
- The average interest rate for a purchase mortgage was 6.619%
- The average origination fee for a purchase mortgage was 0.788%
Refinance mortgage statistics
- 18.94% of mortgages were refinances, including cash-out refinances, rate-and-term refinances, and debt consolidation
- The average loan size for a refinance mortgage was $263,254
- The average interest rate for a refinance mortgage was 6.563%
- The average origination fee for a refinance mortgage was 1.517%
Purchase and Refinance Market Share (Since 2018)
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: February 11, 2025
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2023 Mortgage Statistics: Occupancy
Primary Residence Mortgage Statistics
- 2,910,146 mortgages were issued for primary residences
- The total volume of primary residence mortgages was $1,068,527,520,000
- The average mortgage rate on a primary residence home was 6.596%
- The average loan size of a primary residence mortgage was $367,173
Second Home Mortgage Statistics
- 91,268 mortgages were issued for second homes
- The total volume of second home mortgages was $53,286,885,000
- The average mortgage rate on a second home was 6.906%
- The average loan size of a second home mortgage was $505,132
Investment Property Mortgage Statistics
- 95,334 mortgages were issued for investment properties
- The total volume of investment property mortgages was $34,322,940,000
- The average mortgage rate on a investment property home was 7.260%
- The average loan size of a investment property mortgage was $252,289
2023 Mortgage Statistics: Loan Type
Conventional Mortgage Statistics
- 68.54% of financing home buyers used a conventional mortgage to finance their home
- The average size of a conventional mortgage was $384,644
- The average mortgage rate for a primary residence conventional mortgage was 6.593%.
- The average origination fee charged for a conventional mortgage was 0.685%
- 11.168% of home buyers using conventional mortgages selected a conventional ARM
FHA Mortgage Statistics
- 19.68% of financing home buyers used an FHA mortgage to finance their home
- The average size of an FHA mortgage was $306,799
- The average mortgage rate for a primary residence FHA mortgage was 6.451%.
- The average origination fee charged for a FHA mortgage was 1.100%
- 0.396% of home buyers using FHA mortgages selected an FHA ARM
VA Mortgage Statistics
- 10.66% of financing home buyers used a VA mortgage to finance their home
- The average size of a VA mortgage was $375,685
- The average mortgage rate for a primary residence VA mortgage was 6.265%.
- The average origination fee charged for a VA mortgage was 0.419%
- 0.410% of home buyers using VA mortgages selected a VA ARM
USDA Mortgage Statistics
- 1.11% of financing home buyers used a USDA mortgage to finance their home
- The average size of a USDA mortgage was $185,045
- The average mortgage rate for a primary residence USDA mortgage was 6.504%.
- The average origination fee charged for a USDA mortgage was 1.278%
- The USDA mortgages did not offer an adjustable-rate mortgage option in 2023.
Relative Market Share By Mortgage Loan Type (2018-2023)
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: February 11, 2025
2023 Mortgage Statistics: Loan Characteristics
Comparing conventional 30-year fixed-rate vs 15-year fixed-rate mortgages
- 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
Changes in conventional 30-year fixed-rate mortgage rates
- 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
Mortgage Traits
- 87.54% of 2023 mortgages used a 30-year mortgage term
- 7.78% of 2023 mortgages were ARMs
- The average mortgage origination fee in 2023 was 0.74% per loan
- 98.10% of mortgages in 2023 were for 1-unit homes including single-family homes, warrantable condos, non-warrantable condos, and townhomes
Financing Terms
- 0.031% of 2023 mortgages carried a prepayment penalty
- 0.312% of 2023 mortgages carried a balloon payment
- 1.595% of 2023 mortgages had an interest only feature
- 0.001% of 2023 mortgages had a negative amortization feature
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: February 11, 2025
2023 Mortgage Statistics: Downpayments
- 32.38% of home buyers made a down payment of more than 20 percent
- 14.92% of home buyers made a down payment of between 5 and 10 percent
- 10.66% of home buyers made a down payment of between 3 and 5 percent
- 23.46% of home buyers made a down payment of less than 3 percent
2023 Mortgage Statistics: County-by-County Data
Counties with the highest mortgage rates
| County | Average Interest Rate |
|---|
| Holmes, MS | 7.340% |
| Quay, NM | 7.308% |
| Tallahatchie, MS | 7.300% |
| Dickenson, VA | 7.259% |
| Pope, IL | 7.256% |
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: February 12, 2025
Counties with the lowest mortgage rates
| 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% |
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: February 12, 2025
Counties with the highest mortgage origination fees
| 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% |
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: February 12, 2025
Counties with the lowest mortgage origination fees
| 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% |
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: February 12, 2025
Counties with the most USDA mortgage loans
| 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 |
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: February 12, 2025
2023 Mortgage Statistics: Low-to-Moderate Income Households
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.
Households earning 100% of the median income for the area
- 38.017% of conventional buyers earn no more than the median income for their area
- 52.451% of FHA buyers earn no more than the median income for their area
- 39.720% of VA buyers earn no more than the median income for their area
- 70.268% of USDA mortgage buyers earn no more than the median income for their area
Households earning 80% of the median income for the area
- 25.211% of conventional buyers earn 80% or less of their area’s median income
- 31.591% of FHA buyers earn 80% or less of their area’s median income
- 21.642% of VA buyers earn 80% or less of their area’s median income
- 41.172% of USDA buyers earn 80% or less of their area’s median income
Households earning 50% of the median income for the area
- 6.179% of conventional buyers earn 50% or less of their area’s median income
- 5.896% of FHA buyers earn 50% or less of their area’s median income
- 2.479% of VA buyers earn 50% or less of their area’s median income
- 6.531% of USDA buyers earn 50% or less of their area’s median income
2023 Mortgage Lender Statistics
- 4,665 mortgage lenders funded mortgage loans for home buyers
Top 10 purchase mortgage companies in 2023 by volume
| 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 |
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: February 12, 2025
Top 10 purchase mortgage companies in 2023
| 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 |
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: February 12, 2025
Top 5 conventional purchase mortgage lenders in 2023
| 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 |
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: February 12, 2025
Top 5 FHA purchase mortgage lenders in 2023
| 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 |
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: February 12, 2025
Top 5 VA purchase mortgage lenders in 2023
| 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 |
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: February 12, 2025
Top 5 USDA purchase mortgage lenders in 2023
| 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 |
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: February 12, 2025
Interesting Mortgage Facts
Origins of the word “mortgage”
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 mortgage company in the United States
The first Savings & Loan bank was established in 1831 in Frankford, Pennsylvania, to help its members obtain mortgages and realize their dream of homeownership.
Mortgage traditions: Bald eagles
Some U.S. homeowners place a winged bald eagle above their door to symbolize freedom from mortgage payments.
Mortgage traditions: Mortgage burning parties
Homeowners sometimes hold “mortgage burning parties” after paying off their home loans, where the physical mortgage paper is burned in celebration.
100-year mortgages
In Japan, banks offer 100-year mortgages, which are designed to last multiple generations.
Methodology
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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