Mortgage Market Statistics: Rates, Loan Types & Lender Rankings (2025)

Mortgage Data You Can Use For Statistics and Research

Our team is a bunch of data nerds that love mortgage. We're constantly referencing recent and historical mortgage data to write our educational articles, make our mortgage calculators, and do our original home buyer research.

This article is a reference guide we use internally. We turned it into a public-facing resource for mortgage statistics.

It covers millions of mortgage applications since 2018 across loan types, mortgage rates, approval probabilities, and lender data. It's based on our internal analysis of HMDA and U.S. Census data.

There are five key dimensions that we watch:

1. Market overview – application volume, approval rates, and loan characteristics
2. Loan types – conventional, FHA, VA, and USDA mortgage statistics
3. Property use – primary residence, second home, and investment property trends
4. Geographic data – county-level rates and origination fees nationwide
5. Lender rankings – top mortgage companies by volume and loan count

We encourage journalists, researchers, and content creators to use these stats in your work, and if you have a question that isn't answered below, let us know and we'll find it. Contact information is listed at the bottom of the page.

Enjoy the data,
The Homebuyer.com Team

2024 Mortgage Market Overview

In 2024, mortgage lenders approved and funded 3.97 million mortgages of the 7.77 million applications submitted by U.S. consumers. Purchase mortgages accounted for 76.2% of the mortgage market, down from 81.8% in 2023.

Basic Stats: All Mortgages

Basic Stats: Purchase Mortgages Only

Purchase vs Refinance: Key Statistics

This section uses national mortgage data to show how purchase and refinance activity has shifted since 2018.

A "purchase" is a mortgage loan used to buy a home. A "refinance" is a mortgage that replaces an existing mortgage, including cash-out refinancing. The charts and tables are descriptive, not prescriptive, and reflect what lenders reported in their HMDA filings for the years shown.

Figures are rounded and represent U.S. totals unless noted otherwise.

Purchase and Refinance: Market Share

In 2020, mortgage rates fell to all-time lows and refinancing was dominant. By 2023, mortgage rates had doubled and the market flipped completely. Last year, the market regained some balance.

Note: Percentages do not add up to 100% because mortgage data includes other loan purposes.

Purchase and Refinance: Mortgage Rates & Terms

In 2024, home buyers borrowed more money, on average, at higher mortgage rates and with fewer fees compared to refinancing households. Purchases accounted for three-quarters of the mortgage market overall.

Note: Percentages do not add up to 100% because mortgage data includes other loan purposes.

2024 Mortgage Statistics: Occupancy

This section uses national mortgage data to how homeowner occupancy affects loan traits.

A "primary residence" is a home the borrower lives in most of the year. A "second home" is a vacation or seasonal residence not rented out full-time. An "investment property" is a dwelling owned to produce rental income. The charts and tables are descriptive, not prescriptive, and reflect what lenders reported in their HMDA filings for the year shown.

Figures are rounded and represent U.S. totals unless noted otherwise.

Primary Residence Mortgage Statistics

In 2024, mortgages for primary residences accounted for 95.8% of mortgages made. Loan sizes averaged $371,008 and the average mortgage rate on a primary residence was 6.545%.

Second Home Mortgage Statistics

In 2024, mortgages for second homes accounted for 2.5% of mortgages made. Loan sizes averaged $526,949 and the average mortgage rate on a primary residence was 7.001%.

Investment Property Mortgage Statistics

In 2024, mortgages for investment properties accounted for 2.6% of mortgages made. Loan sizes averaged $292,563 and the average mortgage rate on an investment property residence was 7.191%.

2024 Mortgage Statistics: Loan Types

This section uses national mortgage data to show how mortgages varied by loan type for home buyers in 2024.

• Conventional refers to conforming mortgages securitized through Fannie Mae or Freddie Mac.
• FHA loans are insured by the Federal Housing Administration.
• VA loans are guaranteed by the Department of Veterans Affairs.
• USDA loans are guaranteed by the U.S. Department of Agriculture.

The charts and tables are descriptive, not prescriptive, and reflect what lenders reported in their HMDA filings for the year shown. Non-conforming conventional mortgages, such as jumbo loans and non-QM mortgages, are not included.

Data is limited to primary residences because FHA mortgages and USDA mortgages cannot be used for other occupancy types. Figures are rounded and represent U.S. totals unless noted otherwise.

Which Loan Types Are Most Popular

Each mortgage loan type -- conventional, FHA, VA, and USDA - targets a different borrower profile. As a result, consumer market share generally keeps within a small range from year to year.

Sometimes, though, agency policies and pricing changes tilt favor toward one program or another. For example, in March 2023, the FHA lowered its mortgage insurance premiums, and FHA market share jumped that year.

Conventional Mortgages

69.13% of home buyers used conventional mortgages in 2024. The average mortgage loan size was $407,541 at an average interest rate of 6.728%. Origination fees averaged 0.648%. 9.089% of conventional purchase mortgages were ARMs.

FHA Mortgages

In 2024, 19.66% of home buyers used FHA mortgages. The average loan size was $320,735, the average mortgage rate for primary residences was 6.267%, average origination fees were 0.996%, and 0.805% of FHA loans were ARMs.

VA Mortgages

In 2024, 10.22% of financing home buyers used VA mortgages. The average mortgage loan size was $391,555 at a interest rate of 6.076%. Origination fees averaged 0.585%. Just 0.636% of VA loans were ARMs.

USDA Mortgages

1.00% of home buyers used USDA mortgages in 2024. The average loan size was $198,374 and the average mortgage rate was 6.354%. Origination fees averaged 1.044% for USDA loans.

2024 Mortgage Statistics: Loan Terms

This section uses national mortgage data to show how borrowers chose between loan terms and rate types in 2024.

• “30-year” and “15-year” refer to fixed-rate amortizing mortgages with 360- and 180-month terms, respectively.
• “ARM” refers to adjustable-rate mortgages with an initial fixed period followed by periodic adjustments.
• PMMS figures reflect average quoted rates; HMDA figures reflect closed-loan characteristics.

The charts and tables are descriptive, not prescriptive, and reflect what lenders reported in their HMDA filings (for loan terms and features) and what Freddie Mac reported in its PMMS (for historical rate spreads). Figures are rounded and represent U.S. totals unless noted otherwise.

Fixed Rate vs ARM Market Share by Year

This table tracks annual market share for fixed-rate and adjustable-rate mortgages from 2018 through 2024. Shifts in ARM share generally align with changes in relative pricing between short- and long-term rates. Figures reflect HMDA-reported originations each year.

Mortgage Loan Terms

Mortgage borrowers overwhelmingly choose 30-year terms for their mortgages. Besides 30-year terms, other popular loan lengths include 10, 15, 20, and 25 years. Not all lenders offer all options.

30-Year vs 15-Year Mortgage Rates

Since 2000, 15-year mortgage rates have averaged 0.614 percentage points below 30-year mortgages. Spreads have been smallest during periods of economic contraction, and largest during periods of economic growth.

30-Year / 15-Year Mortgage Rate Spread

30-Year Fixed Mortgage Rate Changes

Since 1971, when Freddie Mac started tracking mortgage rate data, 30-year mortgage rates have changed an average of seven basis points per week. In many weeks, rates barely change at all. Other weeks, however, mortgage rates change a lot.

Largest 1-Week Mortgage Rate Changes

For comprehensive data on mortgage rate changes, see mortgage rate winning and losing streaks.

Special Financing Terms

This table summarizes how often selected features appeared in 2024 originations: prepayment penalties, interest-only, balloon payments, and negative amortization. Values represent the percentage of mortgages with each feature; some items are rare or limited by program rules and product availability.

2024 Mortgage Statistics: Home Equity

This section examines how borrowers use home equity when buying and refinancing homes. For purchases, down payment size determines the initial loan-to-value (LTV) ratio and affects mortgage rates, insurance requirements, and monthly payments.

For refinances, LTV shows the amount of home equity that homeowner has after the transaction completes.

The charts and tables reflect what lenders reported in their HMDA filings for the years shown. Figures are rounded and represent U.S. totals unless noted otherwise.

Mortgage Down Payment Trends

Down payment amounts vary based on loan programs, market conditions, and borrower finances. Low-down-payment mortgages remain popular and abundant -- the majority of home buyers put down less than 10 percent.

Mortgage Refinance Trends

Homeowners refinance for different reasons, and each type shows distinct LTV patterns.

• Rate-and-term refinances replace an existing mortgage without withdrawing equity
• Cash-out refinances extract home equity as a lump-sum cash payment to the homeowner

Cash-out refinances typically show higher LTV ratios than rate-and-term refinances because borrowers are converting equity into cash.

2024 Mortgage Statistics: County-by-County Data

This section examines mortgage rates and loan terms on a county-by-county level. Home buyers in rural counties tend to accept higher mortgage rates despite a greater percentage of lower-rate USDA mortgages.

Counties with strong military presence tend to be high in VA mortgages.

County rankings exclude counties with fewer than 25 mortgages funded in 2024, and manufactured homes which may use chattel loans or other non-QM mortgages.

Counties with the highest mortgage rates

The counties below had the highest average mortgage rates in 2024 among counties with at least 25 funded mortgages. Rates reflect all funded loans, including purchases and refinances.

Counties with the lowest mortgage rates

The counties below had the lowest average mortgage rates in 2024 among counties with at least 25 funded mortgages. Rates reflect all funded loans, including purchases and refinances.

Counties with the highest mortgage origination fees

The counties below had the highest average net origination fees in 2024 among counties with at least 25 funded mortgages. Origination fees are calculated as total origination charges minus lender credits.

Counties with the lowest mortgage origination fees

The counties below had the lowest average net origination fees in 2024 among counties with at least 25 funded mortgages. Negative values indicate lender credits exceeded origination charges, meaning borrowers received net credits at closing.

2024 Mortgage Statistics: Home Buyer Household Income & AMI

This section shows the percentage of home buyers at or below specific income thresholds by loan type. Income is measured as a percentage of Area Median Income (AMI), which the FFIEC provides as supplemental HMDA data.

Area Median Income matters because a lot of affordable housing programs and down payment assistance options use AMI to determine eligibility. Housing agencies categorize households by AMI:

• Very low income: 50% of AMI or less
• Low income: 50-80% of AMI
• Moderate income: 80-100% of AMI
• Middle income: 100-120% of AMI

Use our Income Limits Calculator to check your AMI and see which programs you qualify for.

The tables below show the percentage of borrowers at or below each threshold by loan type. Figures reflect purchase mortgages only and represent U.S. totals unless noted otherwise.

Home Buyers at or Below 50% AMI (Very Low Income)

Households earning 50% or less of area median income qualify as very low-income households. This income band represents the borrowers who face the greatest affordability challenges and typically require home buyer assistance to purchase a home.

The USDA Direct Loan is an example of a very-low-income mortgage program.

Home Buyers at or Below 80% AMI (Low Income)

Households earning 80% or less of area median income qualify as low-income households. Most state and local down payment assistance programs cap eligibility at 80% AMI, and many affordable mortgage programs use the 80% threshold, too, including HomeReady® and Home Possible®

Home Buyers at or Below Area Median Income (100% AMI)

Households earning at or below area median income are considered moderate-income households. Many down payment assistance programs cap eligibility at 100% AMI, and buyers are eligible for LLPA waivers with household income at or below 100% AMI.

Interesting Mortgage Facts & Celebrity Mortgage Notes

Origins of the Word "Mortgage"

Old French Etymology

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.

(Source: Etymonline)

The First Mortgage Company in America

1831 · Frankford, Pennsylvania

The Oxford Provident Building Association was established to help working families pool savings and extend mortgages to each other, creating the ancestor of today's savings and loan institutions.

(Source: Richmond Fed Economic Brief)

Maggie Lena Walker's Mortgage Engine

1903–1920 · Richmond, Virginia

As the first U.S. woman to charter and run a bank, Walker's St. Luke Penny Savings Bank extended hundreds of mortgages to Black families excluded elsewhere.

(Source: FDIC profile noting 600+ home loans by 1920)

Sears Kit Homes (and Mortgages by Mail)

1911–1933 · United States

Sears sold mail-order house kits and financed many with 5–15-year mortgages; Depression-era defaults forced the company to liquidate the portfolio and exit lending.

(Source: Wikipedia – Sears Modern Homes)

The Tomato That Paid Off a House

1930s · Logan, West Virginia

Mechanic M.C. "Radiator Charlie" Byles bred a giant beefsteak tomato and sold $1 seedlings; over six years he paid off his $6,000 home mortgage. The variety's name stuck: Mortgage Lifter.

(Source: Smithsonian Gardens PDF)

Neighbors "Fixed" Foreclosures with Penny Auctions

1933 · Midwest

During the Depression, farm communities crowded foreclosure sales, discouraged outside bidders, and "won" properties for pennies—then returned them to the original owners.

(Source: Wessels Living History Farm)

Walt Disney Mortgaged His Future to Open Disneyland

1954–1955 · Anaheim, California

When banks balked, Walt and Lillian Disney borrowed $60,000 against his life-insurance policy and pledged personal assets to keep construction going—helping Disneyland open in 1955.

(Source: HISTORY.com)

The First U.S. Reverse Mortgage

1961 · Portland, Maine

Banker Nelson Haynes structured an early reverse mortgage so widow Nellie Young could stay in her home -- decades before today's FHA HECM program.

(Source: Portland Press Herald)

Francis Ford Coppola Pledged Property for Creative Control

1970s–2020s · California

Coppola repeatedly mortgaged or sold parts of his winery/real estate holdings to self-finance films and preserve independence, from Apocalypse Now to Megalopolis.

(Source: AP News – Cannes interview)

Tony Hawk's Second Mortgage Kept Birdhouse Alive

1992 · Southern California

With pro skating in a slump, Tony Hawk took out a second mortgage on his house to fund Birdhouse Skateboards and bridge the lean years until the sport's resurgence.

(Source: People)

Homeowners "Foreclosed" on a Bank

2011 · Naples, Florida

After a wrongful foreclosure case, a couple's attorney arrived at a bank branch with a sheriff and movers to levy assets; the bank paid the court-ordered fees on the spot.

(Source: ABC News)

A Mortgage Paid in 62,000 Pennies

2012 · Milford, Massachusetts

Thomas Daigle saved pennies for 35+ years—about 800 pounds—and used them to make his final home-loan payment on his 35th wedding anniversary.

(Source: ABC News)

Rosa Parks's Detroit House Saved for $500

2014–2016 · Detroit, Michigan

A modest home where Parks lived was rescued from demolition for $500, then dismantled and exhibited to raise funds and awareness before new U.S. displays.

(Source: Smithsonian Magazine)

Our Research Methodology

We conducted extensive original research to analyze the 2024 mortgage market, examining data from every HMDA-reporting lender nationwide. Our approach combines rigorous data analysis with practical insights about mortgage lending patterns, rates, and borrower characteristics.

This comprehensive dataset was compiled specifically to serve journalists, researchers, and content creators who need authoritative mortgage statistics with proper source attribution. The data for our study was gathered from the FFIEC website, specifically the Snapshot National Loan Level Dataset for 2024, except where noted. Application data is modified by the agency to protect applicant and borrower privacy.

How We Analyzed The Data

We identified key mortgage market dimensions and analyzed them systematically:

Data Collection and Processing

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.

How To Use & Share Our Research

Homebuyer.com conducted this comprehensive analysis of the 2024 mortgage market to help home buyers better understand lending patterns, rates, and market trends. Our research combines data from authoritative sources to provide objective statistics for educational and comparison purposes.

Press and Media Usage

Journalists, researchers, and content creators may reference our findings with proper attribution. We welcome coverage that helps home buyers make informed decisions about mortgage options and lender selection.

Attribution Requirement

• Include a link to this complete study: Mortgage Statistics: 2024 Market Data
• Reference "Homebuyer.com" or "Homebuyer.com research"
• Do not reproduce our complete data tables or rankings without permission
• Contact us for high-resolution charts or custom data analysis

Embed Our Research

<div
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>
  <h3 style="margin: 0 0 15px 0; color: #374151; font-size: 18px;">
    Top 10 Purchase Mortgage Lenders by Volume in 2024
  </h3>
  <table style="width: 100%; border-collapse: collapse; font-size: 14px;">
    <thead>
      <tr style="background: #f3f4f6;">
        <th style="padding: 8px; text-align: left; border-bottom: 1px solid #d1d5db;">Rank</th>
        <th style="padding: 8px; text-align: left; border-bottom: 1px solid #d1d5db;">
          Mortgage Lender
        </th>
        <th style="padding: 8px; text-align: left; border-bottom: 1px solid #d1d5db;">
          Total Loan Volume
        </th>
      </tr>
    </thead>
    <tbody>
      <tr>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">1</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">
          United Wholesale Mortgage (UWM)
        </td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">$91,794,630,000</td>
      </tr>
      <tr>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">2</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">Rocket Mortgage</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">$50,005,975,000</td>
      </tr>
      <tr>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">3</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">CrossCountry Mortgage</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">$31,732,700,000</td>
      </tr>
      <tr>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">4</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">JPMorgan Chase Bank</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">$27,198,200,000</td>
      </tr>
      <tr>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">5</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">DHI Mortgage</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">$22,983,655,000</td>
      </tr>
      <tr>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">6</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">
          Fairway Independent Mortgage
        </td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">$20,716,920,000</td>
      </tr>
      <tr>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">7</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">Lennar Mortgage</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">$20,014,840,000</td>
      </tr>
      <tr>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">8</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">Guaranteed Rate</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">$19,856,485,000</td>
      </tr>
      <tr>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">9</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">Guild Mortgage</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">$19,540,720,000</td>
      </tr>
      <tr>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">10</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">Mortgage Research Center</td>
        <td style="padding: 8px; border-bottom: 1px solid #e5e7eb;">$18,886,635,000</td>
      </tr>
    </tbody>
  </table>
  <p style="margin: 15px 0 0 0; font-size: 12px; color: #6b7280; text-align: center;">
    Source:
    <a href="https://homebuyer.com/research/mortgage-statistics" style="color: #3b82f6;"
      >Homebuyer.com - Mortgage Statistics: 2024 Market Data</a
    >
  </p>
</div>

Available for Interviews

Our research team is available for media interviews, expert commentary, and additional data analysis. We can provide insights on specific mortgage markets, lender comparisons, or methodology details.

For press inquiries, custom data requests, or interview opportunities, please contact press [at] homebuyer [dot] com.