The Complete Consumer Library of Mortgage Statistics

The financial crisis of 2007 and 2008 sent the American housing market into a tailspin. New construction all but ground to a halt, and the market for existing homes was at its lowest point in recent history. As hundreds of thousands of families watched the equity in their homes slip away, the demand for new mortgages dropped to a staggeringly low number. It's been a long slow struggle back, but the US economy is finally making a welcome recovery. New constructions are on the rise, the real estate market is on the rebound, and more and more consumers are applying for new mortgages. Proof of the recovery, if proof were needed, can be found in the annual mortgage statistics that are collated by both the government and other independent research firms.

The COVID-19 crisis of 2020 had a much more muted impact on real estate prices than the popping of the prior housing bubble as politicians and central bankers acted much faster and much more aggressively to counteract the economic slowdown. As a matter of fact, Fannie Mae predicted 2020 would be a record year for residential mortgage originations across the United States. They projected $54.1 trillion in total loan volume with around $2.7 trillion of that being refinance volume.

If you're interested in the current state of the US mortgage market, you need look no further. We've gathered together some of the most telling mortgage statistics to give you a general overview of the American housing market.

The Size of the Residential Mortgage Market

The US mortgage market continues to feel the effects of the sub-prime mortgage crisis, but the numbers are on the rise. According to the Federal Reserve, outstanding mortgage debt for single family residences declined significantly from 2011 to 2012, but has been growing in fits and starts since 2013. Interestingly, outstanding mortgages for multifamily residences held steady, and even managed grow, despite the economic crisis. By contrast, non-residential mortgages have remained relatively steady, even showing some consistent growth over the same four year period.

Nearly a decade after the 2008-2009 financial crisis the Federal Reserve started raising interest rates in earnest in 2017 & 2018. Increased rates caused the total residential mortgage production volume to fall nearly 7% between 2017 and 2018. The MBA estimated $1.64 trillion in production in 2018, while production stood at $1.76 trillion in 2017.

In October 3, 2017 Federal Reserve Chairman Jerome Powell stated rates were "a long way" from neutral. The stock market fell hard for the duration of the year, with the bottom happening on Christmas eve. In early 2019 the Federal Reserve changed their stated approach, announcing they did not expect to raise rates in 2019 & were going to end the wind down of their balance sheet this year. Rates which rose throughout most of 2018 fell hard in early 2019, reinvigorating what was a stagnant refinance market.

The COVID-19 crisis created a boom in home purchase loans and in mortgage refinances. Interest rates fell, causing refinance volume to jump to around $2.7 trillion while the total transaction volume for 2020 is anticipated to be around $4.1 trillion. Social unrest, lock downs, high urban living costs, and working from home from tight quarters made many city dwellers buy second larger homes in the suburbs or more remote areas.

Annual Mortgage Origination Estimates

Each year the Mortgage Bankers Association estimates the total production volume of 1 to 4 family unit residiential mortgages across the United States. Here is their annual mortgage origination volume estimate data from 1990 through 2019, with amounts listed in billions of Dollars.

Year	Total	Purchase	Refinance	Refi Share
1990	458	389	70	15.3%
1991	562	385	177	31.5%
1992	894	472	421	47.1%
1993	1,020	486	535	52.5%
1994	769	557	211	27.4%
1995	639	494	145	22.7%
1996	785	559	225	28.7%
1997	834	590	243	29.1%
1998	1,656	795	862	52.1%
1999	1,379	878	500	36.3%
2000	1,139	905	234	20.5%
2001	2,243	960	1,283	57.2%
2002	2,854	1,097	1,757	61.6%
2003	3,812	1,280	2,532	66.4%
2004	2,773	1,309	1,463	52.8%
2005	3,027	1,512	1,514	50.0%
2006	2,726	1,399	1,326	48.6%
2007	2,306	1,140	1,166	50.6%
2008	1,509	731	777	51.5%
2009	1,995	664	1,331	66.7%
2010	1,698	530	1,168	68.8%
2011	1,436	505	931	64.8%
2012	2,044	588	1,456	71.2%
2013	1,845	734	1,111	60.2%
2014	1,261	759	502	39.8%
2015	1,679	903	776	46.2T
2016	2,051	1,052	999	48.7%
2017	1,760	1,143	616	35.0%
2018	1,677	1,209	467	27.8%
2019	2,253	1,225	1,028	45.6%

How Profitable Are Mortgage Loans?

The Mortgage Bankers Association records quarterly data on how much independent mortgage companies and hom-loan subsidiaries of chartered banks make on loans. Due to heavy buying of mortgage-backed securities by the Federal Reserve and record loan volumes from falling interest rates loan originators made 203 basis points of the loan principal in the third quarter of 2020. Given an average loan size of $282,660 that equated to a profit of $5,535 per loan. This performance was significantly above the same quarter in the year prior, when lenders earned 73.8 basis points, or $1,924 of net income on each loan. The MBA sells a detailed production statistics report with stats going back to 2008. Since 2008 most quarters have seen a net production income of between 25 and 75 basis points.

How Expensive is it to Originate Mortgages?

In Q3 2020 mortgage lenders had a per-loan expense of $7,452. This is up from $7,217 in the same quarter of 2019. Costs rose in the third quarter of 2020 over a cost of $6,566 in the second quarter of 2020 due to increased spending on hiring personnel to service unusually high demand caused by record low mortgage rates.

On December 1, 2020 the FHFA allowed the GSEs Fannie Mae and Freddie Mac to pass on a 50 basis point adverse market conditions fee for most mortgage refinances with a balance above $125,000. This fee was implemented to help protect the GSEs from an estimated $6 billion in COVID-19 related losses.

How Mortgage Rate Predictions Work

Almost nobody knows where mortgage rates will go in the future as the economy is inherently unpredictible. Black swans like the COVID-19 crisis are not easy to predict, though even more normal market conditions can be hard to predict. Many predictions are nothing more than a linear projection of the recent past onto the future.

The Federal Reserve raised rates 4 times in 2018 at their meetings in March, June, September and December. On October 3, 2018 Federal Reserve Chairman Jerome Powell stated the central bank was "a long way" from neutral, hinting many more rate hikes would be coming.

With that trend and guidance in place, many mortgage industry veterans predicted mortgage rate would rise in 2019. Rates actually fell as the Federal Reserve delivered no more rate hikes and instead began loosening monetary policy.

2019 30-year Fixed Mortgage Rate Predictions

Organization	Analyst	Rate prediction
Freddie Mac	Actual PMMS 30-Year Rates	3.94%
Mortgage Banker's Association	Mike Fratantoni	5.1%
Fannie Mae	Doug Duncan	4.8%
Freddie Mac	Sam Khater	5.1%
Realtor.com	Danielle Hale	5.3%
Moody's Analytics	Mark Zandi	5.0%
Wells Fargo	Sam Bullard	4.9%
Carrington Mortgage	Rick Sharga	5.25%
CoreLogic	Frank Nothaft	5.25%
National Association of Home Builders		4.81%
Zillow		5.8%

Table sources: MBA, Fannie Mae, Freddie Mac, NAR, NAHB, CoreLogic

The NAHB saw 30-year fixed rates rising to 5.08% in 2020, when they anticipated ARMs to jump from 2019 estimates of 4.46% to 4.63%.

Despite being old data, the above predictions remain published on this page to show how significantly off major industry associations and leading experts at companies worth billions of dollars can be even in relatively benign environments. The average rate predicted for 2019 was 5.13% while the actual average rate throughout the year was 3.94%.

Industry experts can be that far off in relatively benign conditions. A true crisis can make accurate predictions nearly impossible.

Covid-19 Impact on Mortgage Rates

As the COVID-19 healthcare crisis swept the globe governments pushed lockdowns which contracted many economies at record rates. In the second quarter of 2020 the United States economy contracted at a record annualized rate of 31.4%.

As the global economy crashed the Federal Reserve's FOMC cut interest rates twice, announced they would conduct unlimited quantitative easing, and gave forward guidance suggesting they were unlikely to lift rates through 2023.

As the Federal Reserve bought Treasury bonds and mortgage-backed securities while the economy cooled mortgage rates fell to new record lows. On the week of November 5th, the average 30-year fixed-rate fell to 2.78%. 2020 is expected to be a record year for mortgage originations with Fannie Mae predicting $4.1 trillion in originations and refinance loans contributing $2.7 to the total.

2021 & 2022 Mortgage Rate & Housing Market Predictions

Mortgage Rates

• Fannie Mae chief economist Doug Duncan believes the 30-year fixed rate will be 2.8% through 2021 and reach 2.9% in 2022.
• The Mortgage Bankers Asociation's chief economist Mike Fratantoni believes the 30-year fixed rate will reach 3.3% in 2021 and 3.6% in 2022.
• Freddie Mac and the National Association of Homebuilders expect mortgage rates to be 3% in 2021, while the National Association of Realtors thinks it will reach 3.2% and Wells Fargo thinks rates will be 2.89%.

Loan Origination Volume

• Fannie Mae predicts $2.72 trillion in mortgage originations in 2021 and $2.47 trillion in 2022. They anticipate purchase volume to go from $1.53 trillion in 2020 to $1.6 trillion in 2021 and $1.64 trillion in 2022.
• The MBA predicts $2.56 trillion in mortgage originations in 2012, $2.2 trillion in 2022 and $2.17 trillion in 2023. They anticipate purchase volume will be $1.59, $1.63 and $1.65 trillion over the next 3 years.

Real Estate Deal Volume & Appreciation

• Fannie Mae anticipates home sales which were at 6 million units in both 2018 and 2019 will end 2020 with 6.2 million transactions and will see 6.1 million transactions in 2021.
• Real estate appreciation in the United States during 2018 and 2019 ran at 5.1% and 4.2%. In 2020 Fannie Mae anticipates home prices to increase 5.5% and increase a further 2.6% in 2022.

Mortgage Debt by Property Type

At the end of the second quarter of 2019 there was $13.86 trillion Dollars in outstanding household debt across the United States. Housing debt totals $9.81 trillion, or 70.78% of the total.

According to HMDA, first mortgages represented 85.44% of originated home loans & 95.05% of all new mortgage debt originated in 2018. Secondary mortgages represented 14.56% of new loans & 4.95% of new mortgage debt.

Loan Type	Lien Type	# of Records	% of loans	$ Amount	$ %
Conventional	First	4,963,197	75.26% of first	1,524,366,245,000	80.5% of first
FHA	First	970,901	14.72% of first	206,447,255,000	10.9% of first
USDA	First	103,808	1.57% of first	15,177,360,000	0.8% of first
VA	First	556,414	8.44% of first	147,733,570,000	7.8% of first
Total	First	6,594,320	85.44% of total	1,893,724,430,000	95.05% of total
Conventional	Second	1,119,755	99.67% of second	98,428,855,000	4.95% of second
FHA	Second	3,468	0.31% of second	165,760,000	0.17% of second
USDA	Second	42	0% of second	2,520,000	0% of second
VA	Second	200	0.02% of second	15,350,000	0.02% of second
Total	Second	1,123,465	14.56% of total	98,612,485,000	4.95% of total
Total	First & Second	7,717,785		1,992,336,915,000

The HMDA also breaks down the 2018 originated mortgages by purpose.

Originated Loans	# of Loans	$ Loan Amount
Home Purchase	4,342,624	1,231,764,800,000
Home Improvement	569,553	60,388,335,000
Refinancing	1,100,138	331,621,970,000
Cash Out Refinancing	1,191,891	300,862,755,000
Other Purpose	507,657	63,078,155,000
Not Applicable	5,922	4,620,900,000

The following data from the Federal Reserve shows how mortgage debt has grown over time.

In recent years total mortgage debt has been growing at a rate of roughly 3.5% to 3.7% annually. The biggest pullback from the 2008 to 2009 global recession was in Q4 of 2010 with mortgage debt falling by 4.21%.

All numbers are in millions of United States Dollars at the end of the associated time period.

Date	Total	YoY △	% △	1-4 Family	Multifamily	Commercial	Farm
1945 Q4	$35,853			$18,706	$4,922	$7,465	$4,760
1946 Q4	$42,032	$6,179	17.234%	$23,100	$5,270	$8,765	$4,897
1947 Q4	$49,198	$7,166	17.049%	$28,267	$5,787	$10,080	$5,064
1948 Q4	$56,568	$7,370	14.980%	$33,422	$6,662	$11,196	$5,288
1949 Q4	$62,679	$6,111	10.803%	$37,406	$7,829	$11,865	$5,579
1950 Q4	$73,108	$10,429	16.639%	$45,250	$9,301	$12,486	$6,071
1951 Q4	$82,573	$9,465	12.947%	$51,792	$10,642	$13,488	$6,651
1952 Q1	$84,413			$53,066	$10,820	$13,713	$6,814
1952 Q2	$86,783			$54,798	$11,037	$13,927	$7,021
1952 Q3	$89,210			$56,640	$11,275	$14,161	$7,134
1952 Q4	$91,530	$8,957	10.847%	$58,416	$11,481	$14,397	$7,236
1953 Q1	$93,649	$9,236	10.941%	$60,006	$11,587	$14,660	$7,396
1953 Q2	$96,517	$9,734	11.216%	$62,225	$11,766	$14,939	$7,587
1953 Q3	$99,018	$9,808	10.994%	$64,205	$11,934	$15,212	$7,667
1953 Q4	$101,360	$9,830	10.740%	$65,938	$12,121	$15,564	$7,737
1954 Q1	$103,321	$9,672	10.328%	$67,351	$12,174	$15,880	$7,916
1954 Q2	$106,366	$9,849	10.204%	$69,614	$12,312	$16,324	$8,116
1954 Q3	$109,757	$10,739	10.846%	$72,336	$12,452	$16,782	$8,187
1954 Q4	$113,580	$12,220	12.056%	$75,356	$12,665	$17,313	$8,246
1955 Q1	$117,256	$13,935	13.487%	$78,237	$12,782	$17,765	$8,472
1955 Q2	$121,656	$15,290	14.375%	$81,697	$12,989	$18,263	$8,707
1955 Q3	$125,896	$16,139	14.704%	$85,032	$13,179	$18,819	$8,866
1955 Q4	$129,823	$16,243	14.301%	$87,936	$13,490	$19,375	$9,022
1956 Q1	$133,258	$16,002	13.647%	$90,356	$13,657	$19,954	$9,291
1956 Q2	$137,325	$15,669	12.880%	$93,327	$13,827	$20,582	$9,589
1956 Q3	$141,104	$15,208	12.080%	$96,174	$13,972	$21,199	$9,759
1956 Q4	$144,447	$14,624	11.265%	$98,745	$14,064	$21,803	$9,835
1957 Q1	$147,290	$14,032	10.530%	$100,851	$14,085	$22,321	$10,033
1957 Q2	$150,246	$12,921	9.409%	$103,039	$14,182	$22,794	$10,231
1957 Q3	$153,602	$12,498	8.857%	$105,397	$14,379	$23,478	$10,348
1957 Q4	$156,641	$12,194	8.442%	$107,374	$14,611	$24,259	$10,397
1958 Q1	$159,336	$12,046	8.178%	$108,975	$15,025	$24,812	$10,524
1958 Q2	$162,909	$12,663	8.428%	$111,142	$15,517	$25,496	$10,754
1958 Q3	$167,216	$13,614	8.863%	$114,035	$16,020	$26,204	$10,957
1958 Q4	$172,073	$15,432	9.852%	$117,177	$16,565	$27,222	$11,109
1959 Q1	$176,185	$16,849	10.575%	$119,935	$17,132	$27,761	$11,357
1959 Q2	$181,322	$18,413	11.303%	$123,346	$17,679	$28,553	$11,744
1959 Q3	$186,450	$19,234	11.502%	$127,007	$18,212	$29,283	$11,948
1959 Q4	$191,128	$19,055	11.074%	$130,099	$18,700	$30,228	$12,101
1960 Q1	$194,949	$18,764	10.650%	$132,580	$19,199	$30,899	$12,271
1960 Q2	$199,295	$17,973	9.912%	$135,366	$19,702	$31,668	$12,559
1960 Q3	$204,103	$17,653	9.468%	$138,582	$20,293	$32,531	$12,697
1960 Q4	$208,409	$17,281	9.042%	$141,378	$20,786	$33,407	$12,838
1961 Q1	$212,253	$17,304	8.876%	$143,645	$21,424	$34,121	$13,063
1961 Q2	$217,156	$17,861	8.962%	$146,603	$21,943	$35,173	$13,437
1961 Q3	$222,791	$18,688	9.156%	$150,179	$22,790	$36,085	$13,737
1961 Q4	$228,969	$20,560	9.865%	$154,027	$23,622	$37,403	$13,917
1962 Q1	$233,302	$21,049	9.917%	$156,488	$24,218	$38,374	$14,222
1962 Q2	$239,432	$22,276	10.258%	$160,237	$24,937	$39,584	$14,674
1962 Q3	$245,791	$23,000	10.324%	$164,345	$25,769	$40,733	$14,944
1962 Q4	$252,438	$23,469	10.250%	$168,307	$26,732	$42,206	$15,193
1963 Q1	$257,443	$24,141	10.348%	$171,352	$27,382	$43,148	$15,561
1963 Q2	$264,646	$25,214	10.531%	$175,801	$28,202	$44,492	$16,151
1963 Q3	$272,064	$26,273	10.689%	$180,662	$28,994	$45,835	$16,573
1963 Q4	$279,256	$26,818	10.624%	$185,106	$30,024	$47,304	$16,822
1964 Q1	$284,877	$27,434	10.656%	$188,776	$30,936	$47,831	$17,334
1964 Q2	$292,203	$27,557	10.413%	$193,368	$32,095	$48,672	$18,068
1964 Q3	$299,773	$27,709	10.185%	$198,076	$33,313	$49,848	$18,536
1964 Q4	$307,034	$27,778	9.947%	$202,335	$34,578	$51,179	$18,942
1965 Q1	$312,731	$27,854	9.778%	$205,891	$35,384	$51,982	$19,474
1965 Q2	$320,010	$27,807	9.516%	$210,329	$36,300	$53,197	$20,184
1965 Q3	$327,395	$27,622	9.214%	$215,042	$37,243	$54,413	$20,697
1965 Q4	$334,510	$27,476	8.949%	$219,449	$38,213	$55,661	$21,187
1966 Q1	$341,259	$28,528	9.122%	$223,358	$39,187	$57,017	$21,697
1966 Q2	$348,424	$28,414	8.879%	$227,232	$40,075	$58,796	$22,321
1966 Q3	$354,072	$26,677	8.148%	$230,272	$40,708	$60,317	$22,775
1966 Q4	$358,537	$24,027	7.183%	$232,742	$41,275	$61,468	$23,052
1967 Q1	$361,862	$20,603	6.037%	$234,221	$41,968	$62,233	$23,440
1967 Q2	$367,447	$19,023	5.460%	$237,076	$42,801	$63,577	$23,993
1967 Q3	$374,765	$20,693	5.844%	$241,547	$43,748	$64,924	$24,546
1967 Q4	$382,055	$23,518	6.559%	$245,974	$44,815	$66,249	$25,017
1968 Q1	$388,021	$26,159	7.229%	$249,378	$45,477	$67,543	$25,623
1968 Q2	$395,418	$27,971	7.612%	$253,675	$46,242	$69,114	$26,387
1968 Q3	$403,087	$28,322	7.557%	$258,183	$47,141	$70,927	$26,836
1968 Q4	$411,381	$29,326	7.676%	$262,934	$48,251	$73,019	$27,177
1969 Q1	$416,067	$28,046	7.228%	$264,857	$49,196	$74,367	$27,647
1969 Q2	$424,224	$28,806	7.285%	$269,738	$50,352	$75,792	$28,342
1969 Q3	$432,047	$28,960	7.185%	$274,512	$51,512	$77,271	$28,752
1969 Q4	$439,911	$28,530	6.935%	$278,689	$53,176	$79,051	$28,995
1970 Q1	$442,980	$26,913	6.468%	$280,971	$53,467	$78,950	$29,592
1970 Q2	$450,595	$26,371	6.216%	$284,366	$55,054	$81,253	$29,922
1970 Q3	$460,315	$28,268	6.543%	$288,349	$57,668	$84,057	$30,241
1970 Q4	$469,364	$29,453	6.695%	$292,240	$60,129	$86,503	$30,492
1971 Q1	$477,184	$34,204	7.721%	$296,349	$62,312	$87,700	$30,823
1971 Q2	$490,134	$39,539	8.775%	$303,206	$65,052	$90,090	$31,786
1971 Q3	$504,220	$43,905	9.538%	$311,379	$67,399	$93,327	$32,115
1971 Q4	$517,869	$48,505	10.334%	$318,411	$70,094	$96,983	$32,381
1972 Q1	$531,563	$54,379	11.396%	$325,753	$72,680	$100,034	$33,096
1972 Q2	$550,187	$60,053	12.252%	$335,726	$76,046	$104,306	$34,109
1972 Q3	$569,366	$65,146	12.920%	$347,347	$78,834	$108,330	$34,855
1972 Q4	$589,786	$71,917	13.887%	$357,381	$82,876	$114,168	$35,361
1973 Q1	$605,291	$73,728	13.870%	$365,955	$84,593	$118,253	$36,490
1973 Q2	$627,950	$77,763	14.134%	$378,024	$87,957	$124,008	$37,961
1973 Q3	$649,008	$79,642	13.988%	$389,894	$91,127	$129,035	$38,952
1973 Q4	$666,543	$76,757	13.014%	$399,840	$93,191	$133,706	$39,806
1974 Q1	$681,413	$76,122	12.576%	$407,909	$95,355	$137,455	$40,694
1974 Q2	$700,754	$72,804	11.594%	$418,838	$97,221	$142,377	$42,318
1974 Q3	$716,574	$67,566	10.411%	$428,859	$98,933	$145,045	$43,737
1974 Q4	$728,426	$61,883	9.284%	$435,176	$100,049	$148,279	$44,922
1975 Q1	$737,733	$56,320	8.265%	$439,951	$100,586	$150,411	$46,785
1975 Q2	$753,522	$52,768	7.530%	$450,826	$100,735	$153,431	$48,530
1975 Q3	$769,738	$53,164	7.419%	$462,776	$100,820	$157,058	$49,084
1975 Q4	$785,568	$57,142	7.845%	$474,003	$100,693	$161,019	$49,853
1976 Q1	$802,392	$64,659	8.765%	$486,205	$102,169	$163,221	$50,797
1976 Q2	$823,307	$69,785	9.261%	$501,045	$103,607	$166,345	$52,310
1976 Q3	$847,760	$78,022	10.136%	$518,784	$104,909	$170,146	$53,921
1976 Q4	$870,518	$84,950	10.814%	$535,022	$105,895	$174,189	$55,412
1977 Q1	$892,257	$89,865	11.200%	$550,282	$107,142	$177,453	$57,380
1977 Q2	$926,270	$102,963	12.506%	$575,838	$109,746	$180,348	$60,338
1977 Q3	$963,193	$115,433	13.616%	$603,197	$111,835	$185,795	$62,366
1977 Q4	$999,213	$128,695	14.784%	$627,724	$114,279	$193,261	$63,949
1978 Q1	$1,026,813	$134,556	15.080%	$646,079	$116,827	$197,958	$65,949
1978 Q2	$1,066,897	$140,627	15.182%	$674,540	$120,272	$203,343	$68,742
1978 Q3	$1,109,961	$146,768	15.238%	$707,359	$122,681	$208,876	$71,045
1978 Q4	$1,150,674	$151,461	15.158%	$738,254	$125,152	$214,511	$72,757
1979 Q1	$1,186,117	$159,304	15.514%	$762,873	$127,635	$219,175	$76,434
1979 Q2	$1,231,418	$164,521	15.421%	$794,869	$129,903	$225,711	$80,935
1979 Q3	$1,278,932	$168,971	15.223%	$828,850	$132,396	$233,353	$84,333
1979 Q4	$1,317,030	$166,356	14.457%	$855,779	$135,048	$239,448	$86,755
1980 Q1	$1,357,614	$171,497	14.459%	$886,093	$137,027	$243,912	$90,582
1980 Q2	$1,383,696	$152,278	12.366%	$902,289	$138,408	$248,864	$94,135
1980 Q3	$1,421,427	$142,495	11.142%	$931,530	$140,218	$253,808	$95,871
1980 Q4	$1,457,828	$140,798	10.691%	$957,912	$142,526	$259,903	$97,487
1981 Q1	$1,484,685	$127,071	9.360%	$973,129	$143,948	$267,511	$100,097
1981 Q2	$1,523,566	$139,870	10.108%	$996,937	$144,952	$278,496	$103,181
1981 Q3	$1,555,141	$133,714	9.407%	$1,014,571	$146,039	$288,922	$105,609
1981 Q4	$1,579,504	$121,676	8.346%	$1,030,213	$142,377	$299,685	$107,229
1982 Q1	$1,600,795	$116,110	7.821%	$1,041,585	$143,640	$306,619	$108,951
1982 Q2	$1,625,667	$102,101	6.701%	$1,055,044	$144,694	$315,647	$110,282
1982 Q3	$1,635,406	$80,265	5.161%	$1,055,314	$144,215	$324,780	$111,097
1982 Q4	$1,661,290	$81,786	5.178%	$1,070,187	$146,112	$333,680	$111,311
1983 Q1	$1,692,029	$91,234	5.699%	$1,087,139	$147,020	$346,330	$111,540
1983 Q2	$1,739,644	$113,977	7.011%	$1,116,296	$150,761	$360,215	$112,372
1983 Q3	$1,796,351	$160,945	9.841%	$1,153,484	$155,784	$373,975	$113,108
1983 Q4	$1,850,645	$189,355	11.398%	$1,186,271	$161,229	$389,424	$113,721
1984 Q1	$1,904,844	$212,815	12.578%	$1,216,062	$167,158	$408,654	$112,970
1984 Q2	$1,972,432	$232,788	13.381%	$1,254,448	$174,957	$429,688	$113,339
1984 Q3	$2,034,727	$238,376	13.270%	$1,289,107	$180,374	$451,779	$113,467
1984 Q4	$2,091,991	$241,346	13.041%	$1,321,526	$186,145	$471,898	$112,422
1985 Q1	$2,168,248	$263,404	13.828%	$1,385,660	$182,816	$487,050	$112,722
1985 Q2	$2,234,883	$262,451	13.306%	$1,428,061	$189,290	$505,953	$111,579
1985 Q3	$2,303,008	$268,281	13.185%	$1,477,181	$194,964	$522,126	$108,737
1985 Q4	$2,368,542	$276,551	13.220%	$1,526,876	$205,915	$541,661	$94,090
1986 Q1	$2,416,495	$248,247	11.449%	$1,557,666	$212,974	$554,231	$91,624
1986 Q2	$2,492,143	$257,260	11.511%	$1,616,328	$220,862	$565,823	$89,130
1986 Q3	$2,578,098	$275,090	11.945%	$1,683,521	$228,838	$579,130	$86,609
1986 Q4	$2,655,581	$287,039	12.119%	$1,730,129	$239,394	$601,970	$84,088
1987 Q1	$2,737,635	$321,140	13.289%	$1,770,490	$245,492	$639,606	$82,047
1987 Q2	$2,829,845	$337,702	13.551%	$1,843,953	$250,241	$655,668	$79,983
1987 Q3	$2,899,473	$321,375	12.466%	$1,898,660	$254,693	$668,224	$77,896
1987 Q4	$2,954,269	$298,688	11.248%	$1,928,457	$258,355	$691,647	$75,810
1988 Q1	$3,023,464	$285,829	10.441%	$1,974,919	$268,334	$705,639	$74,572
1988 Q2	$3,111,962	$282,117	9.969%	$2,044,958	$265,969	$727,702	$73,333
1988 Q3	$3,185,620	$286,147	9.869%	$2,105,915	$269,276	$738,348	$72,081
1988 Q4	$3,271,905	$317,636	10.752%	$2,162,789	$274,544	$763,743	$70,829
1989 Q1	$3,327,062	$303,598	10.041%	$2,196,931	$279,826	$779,985	$70,320
1989 Q2	$3,396,811	$284,849	9.153%	$2,255,378	$284,991	$786,638	$69,804
1989 Q3	$3,472,866	$287,246	9.017%	$2,321,631	$285,815	$796,137	$69,283
1989 Q4	$3,523,554	$251,649	7.691%	$2,369,557	$287,001	$798,235	$68,761
1990 Q1	$3,617,613	$290,551	8.733%	$2,450,148	$290,563	$808,419	$68,483
1990 Q2	$3,682,117	$285,306	8.399%	$2,517,151	$284,579	$812,186	$68,202
1990 Q3	$3,737,912	$265,046	7.632%	$2,567,225	$286,904	$815,867	$67,917
1990 Q4	$3,779,452	$255,898	7.262%	$2,606,804	$287,424	$817,591	$67,633
1991 Q1	$3,823,204	$205,591	5.683%	$2,641,560	$288,957	$825,099	$67,588
1991 Q2	$3,887,653	$205,536	5.582%	$2,700,538	$290,203	$829,370	$67,542
1991 Q3	$3,890,397	$152,485	4.079%	$2,722,798	$282,656	$817,447	$67,496
1991 Q4	$3,930,682	$151,230	4.001%	$2,774,705	$284,108	$804,420	$67,450
1992 Q1	$3,961,054	$137,850	3.606%	$2,814,343	$283,928	$795,227	$67,557
1992 Q2	$3,983,064	$95,411	2.454%	$2,845,786	$280,081	$789,534	$67,663
1992 Q3	$4,021,258	$130,861	3.364%	$2,899,090	$276,591	$777,806	$67,771
1992 Q4	$4,040,811	$110,129	2.802%	$2,942,068	$270,935	$759,930	$67,879
1993 Q1	$4,041,824	$80,770	2.039%	$2,952,182	$268,838	$752,788	$68,016
1993 Q2	$4,084,335	$101,271	2.543%	$3,006,466	$266,012	$743,703	$68,154
1993 Q3	$4,129,839	$108,581	2.700%	$3,058,883	$264,738	$737,926	$68,293
1993 Q4	$4,171,503	$130,692	3.234%	$3,101,120	$267,771	$734,180	$68,433
1994 Q1	$4,194,789	$152,965	3.785%	$3,132,652	$267,659	$725,680	$68,797
1994 Q2	$4,243,463	$159,128	3.896%	$3,180,197	$268,818	$725,282	$69,166
1994 Q3	$4,294,496	$164,657	3.987%	$3,230,936	$268,710	$725,311	$69,539
1994 Q4	$4,336,257	$164,754	3.950%	$3,278,605	$268,509	$719,231	$69,912
1995 Q1	$4,369,098	$174,309	4.155%	$3,306,735	$267,474	$724,531	$70,358
1995 Q2	$4,423,916	$180,453	4.252%	$3,356,631	$269,694	$726,781	$70,810
1995 Q3	$4,484,773	$190,277	4.431%	$3,413,402	$270,827	$729,279	$71,266
1995 Q4	$4,522,066	$185,809	4.285%	$3,446,414	$274,392	$729,537	$71,723
1996 Q1	$4,593,483	$224,385	5.136%	$3,508,980	$275,280	$736,829	$72,394
1996 Q2	$4,666,334	$242,418	5.480%	$3,568,551	$278,508	$746,210	$73,065
1996 Q3	$4,734,740	$249,967	5.574%	$3,633,468	$280,946	$746,582	$73,744
1996 Q4	$4,802,807	$280,741	6.208%	$3,682,765	$286,723	$758,897	$74,422
1997 Q1	$4,857,205	$263,722	5.741%	$3,728,459	$287,035	$766,280	$75,431
1997 Q2	$4,933,524	$267,190	5.726%	$3,783,051	$291,076	$782,946	$76,451
1997 Q3	$5,045,994	$311,254	6.574%	$3,875,717	$293,294	$799,501	$77,482
1997 Q4	$5,115,947	$313,140	6.520%	$3,917,554	$298,750	$821,129	$78,514
1998 Q1	$5,205,292	$348,087	7.166%	$3,986,110	$305,369	$834,168	$79,645
1998 Q2	$5,323,278	$389,754	7.900%	$4,076,856	$312,659	$852,975	$80,788
1998 Q3	$5,446,265	$400,271	7.932%	$4,168,504	$321,177	$874,640	$81,944
1998 Q4	$5,603,208	$487,261	9.524%	$4,275,839	$334,477	$909,792	$83,100
1999 Q1	$5,728,717	$523,425	10.056%	$4,365,807	$344,256	$934,541	$84,113
1999 Q2	$5,867,506	$544,228	10.224%	$4,474,352	$350,702	$957,316	$85,136
1999 Q3	$6,068,601	$622,336	11.427%	$4,606,366	$361,316	$1,014,748	$86,171
1999 Q4	$6,209,573	$606,365	10.822%	$4,701,179	$375,156	$1,046,032	$87,206
2000 Q1	$6,313,670	$584,953	10.211%	$4,772,403	$381,966	$1,072,712	$86,589
2000 Q2	$6,475,757	$608,251	10.366%	$4,896,598	$390,385	$1,102,802	$85,972
2000 Q3	$6,626,320	$557,719	9.190%	$5,020,704	$395,707	$1,124,561	$85,348
2000 Q4	$6,766,632	$557,059	8.971%	$5,124,971	$404,487	$1,152,450	$84,724
2001 Q1	$6,850,414	$536,744	8.501%	$5,221,818	$409,263	$1,133,668	$85,665
2001 Q2	$7,057,091	$581,334	8.977%	$5,393,894	$420,602	$1,155,978	$86,617
2001 Q3	$7,264,412	$638,092	9.630%	$5,553,552	$429,993	$1,193,288	$87,579
2001 Q4	$7,450,103	$683,471	10.101%	$5,678,030	$446,092	$1,237,440	$88,541
2002 Q1	$7,619,582	$769,168	11.228%	$5,825,479	$452,285	$1,251,580	$90,238
2002 Q2	$7,847,327	$790,236	11.198%	$6,013,375	$462,631	$1,279,367	$91,954
2002 Q3	$8,092,918	$828,506	11.405%	$6,222,401	$469,748	$1,307,081	$93,688
2002 Q4	$8,358,739	$908,636	12.196%	$6,434,374	$486,343	$1,342,599	$95,423
2003 Q1	$8,560,075	$940,493	12.343%	$6,605,236	$496,998	$1,365,435	$92,406
2003 Q2	$8,849,379	$1,002,052	12.769%	$6,847,172	$514,553	$1,398,299	$89,355
2003 Q3	$9,130,381	$1,037,463	12.819%	$7,076,622	$533,298	$1,434,190	$86,271
2003 Q4	$9,364,816	$1,006,077	12.036%	$7,260,331	$559,710	$1,461,588	$83,187
2004 Q1	$9,630,211	$1,070,136	12.501%	$7,466,141	$570,917	$1,506,867	$86,286
2004 Q2	$9,978,186	$1,128,807	12.756%	$7,757,555	$585,974	$1,545,271	$89,386
2004 Q3	$10,311,404	$1,181,023	12.935%	$8,024,521	$601,402	$1,592,962	$92,519
2004 Q4	$10,646,694	$1,281,878	13.688%	$8,292,061	$609,346	$1,649,634	$95,653
2005 Q1	$10,940,720	$1,310,509	13.608%	$8,537,015	$619,197	$1,686,607	$97,901
2005 Q2	$11,337,595	$1,359,409	13.624%	$8,848,576	$638,215	$1,750,631	$100,173
2005 Q3	$11,732,853	$1,421,449	13.785%	$9,166,673	$654,907	$1,808,802	$102,471
2005 Q4	$12,112,861	$1,466,167	13.771%	$9,448,506	$674,332	$1,885,255	$104,768
2006 Q1	$12,513,782	$1,573,062	14.378%	$9,772,780	$683,309	$1,952,116	$105,577
2006 Q2	$12,916,224	$1,578,629	13.924%	$10,103,493	$692,151	$2,014,185	$106,395
2006 Q3	$13,259,400	$1,526,547	13.011%	$10,363,701	$702,145	$2,086,333	$107,221
2006 Q4	$13,525,555	$1,412,694	11.663%	$10,530,774	$717,514	$2,169,219	$108,048
2007 Q1	$13,807,652	$1,293,870	10.340%	$10,748,884	$736,476	$2,213,101	$109,191
2007 Q2	$14,103,997	$1,187,773	9.196%	$10,954,663	$749,600	$2,289,388	$110,346
2007 Q3	$14,405,544	$1,146,144	8.644%	$11,143,957	$774,825	$2,375,248	$111,514
2007 Q4	$14,609,661	$1,084,106	8.015%	$11,252,311	$810,551	$2,434,117	$112,682
2008 Q1	$14,742,876	$935,224	6.773%	$11,322,911	$824,063	$2,477,754	$118,148
2008 Q2	$14,773,014	$669,017	4.743%	$11,295,115	$837,273	$2,517,012	$123,614
2008 Q3	$14,757,243	$351,699	2.441%	$11,251,838	$847,510	$2,528,754	$129,141
2008 Q4	$14,690,016	$80,355	0.550%	$11,150,916	$852,932	$2,551,468	$134,700
2009 Q1	$14,679,117	-$63,759	-0.432%	$11,140,430	$853,951	$2,547,250	$137,486
2009 Q2	$14,633,039	-$139,975	-0.948%	$11,096,591	$863,784	$2,532,360	$140,304
2009 Q3	$14,536,977	-$220,266	-1.493%	$11,018,655	$866,893	$2,508,277	$143,152
2009 Q4	$14,445,082	-$244,934	-1.667%	$10,960,860	$862,718	$2,475,504	$146,000
2010 Q1	$14,291,797	-$387,320	-2.639%	$10,830,417	$859,393	$2,453,990	$147,997
2010 Q2	$14,174,786	-$458,253	-3.132%	$10,762,904	$854,317	$2,407,548	$150,017
2010 Q3	$14,070,412	-$466,565	-3.210%	$10,690,727	$858,840	$2,368,787	$152,058
2010 Q4	$13,892,841	-$552,241	-3.823%	$10,523,368	$862,924	$2,352,449	$154,100
2011 Q1	$13,802,969	-$488,828	-3.420%	$10,459,335	$859,023	$2,327,281	$157,330
2011 Q2	$13,703,125	-$471,661	-3.327%	$10,390,906	$856,003	$2,295,620	$160,596
2011 Q3	$13,621,319	-$449,093	-3.192%	$10,333,165	$856,583	$2,267,673	$163,898
2011 Q4	$13,567,772	-$325,069	-2.340%	$10,281,318	$863,322	$2,255,932	$167,200
2012 Q1	$13,487,190	-$315,779	-2.288%	$10,216,122	$865,358	$2,236,968	$168,742
2012 Q2	$13,410,892	-$292,233	-2.133%	$10,152,832	$870,658	$2,217,119	$170,283
2012 Q3	$13,364,420	-$256,899	-1.886%	$10,105,203	$881,048	$2,206,327	$171,842
2012 Q4	$13,331,268	-$236,504	-1.743%	$10,047,712	$891,150	$2,219,006	$173,400
2013 Q1	$13,292,099	-$195,091	-1.446%	$9,999,863	$900,410	$2,215,516	$176,310
2013 Q2	$13,292,023	-$118,869	-0.886%	$9,965,129	$910,134	$2,237,508	$179,252
2013 Q3	$13,335,599	-$28,821	-0.216%	$9,975,128	$924,973	$2,253,272	$182,226
2013 Q4	$13,344,539	$13,271	0.100%	$9,959,628	$940,948	$2,258,763	$185,200
2014 Q1	$13,335,357	$43,258	0.325%	$9,923,862	$953,488	$2,269,947	$188,060
2014 Q2	$13,362,678	$70,655	0.532%	$9,914,037	$966,929	$2,290,760	$190,952
2014 Q3	$13,412,399	$76,800	0.576%	$9,924,413	$981,541	$2,312,569	$193,876
2014 Q4	$13,486,816	$142,277	1.066%	$9,936,605	$1,009,083	$2,344,328	$196,800
2015 Q1	$13,511,357	$176,000	1.320%	$9,909,399	$1,033,005	$2,369,194	$199,759
2015 Q2	$13,623,872	$261,194	1.955%	$9,954,437	$1,059,393	$2,407,291	$202,751
2015 Q3	$13,727,848	$315,449	2.352%	$10,004,098	$1,078,236	$2,439,739	$205,775
2015 Q4	$13,883,332	$396,516	2.940%	$10,076,373	$1,118,826	$2,479,333	$208,800
2016 Q1	$13,931,273	$419,916	3.108%	$10,076,117	$1,144,936	$2,497,143	$213,077
2016 Q2	$14,047,243	$423,371	3.108%	$10,137,065	$1,170,496	$2,522,328	$217,353
2016 Q3	$14,211,202	$483,354	3.521%	$10,220,804	$1,203,059	$2,565,662	$221,677
2016 Q4	$14,331,866	$448,534	3.231%	$10,277,103	$1,236,309	$2,592,454	$226,000
2017 Q1	$14,431,193	$499,920	3.588%	$10,334,768	$1,262,264	$2,605,646	$228,515
2017 Q2	$14,575,689	$528,446	3.762%	$10,411,764	$1,287,971	$2,644,896	$231,058
2017 Q3	$14,710,944	$499,742	3.517%	$10,500,589	$1,312,423	$2,664,303	$233,629
2017 Q4	$14,892,013	$560,147	3.908%	$10,581,506	$1,358,641	$2,715,666	$236,200
2018 Q1	$14,980,281	$549,088	3.805%	$10,621,062	$1,380,837	$2,739,840	$238,542
2018 Q2	$15,144,799	$569,110	3.905%	$10,705,639	$1,408,572	$2,789,677	$240,911
2018 Q3	$15,292,261	$581,317	3.952%	$10,806,843	$1,445,653	$2,796,460	$243,305
2018 Q4	$15,429,103	$537,090	3.607%	$10,871,784	$1,480,576	$2,831,043	$245,700
2019 Q1	$15,519,767	$539,486	3.601%	$10,901,399	$1,505,454	$2,862,011	$250,903
2019 Q2	$15,654,403	$509,604	3.365%	$10,984,063	$1,529,811	$2,884,366	$256,163
2019 Q3	$15,856,088	$563,827	3.687%	$11,085,523	$1,577,586	$2,931,497	$261,482
2019 Q4	$16,008,389	$579,286	3.755%	$11,157,551	$1,617,673	$2,966,365	$266,800
2020 Q1	$16,138,986	$619,219	3.990%	$11,219,387	$1,637,375	$3,011,744	$270,480
2020 Q2	$16,284,118	$629,715	4.023%	$11,303,843	$1,671,826	$3,034,289	$274,160

As the Federal Reserve lifted interest rates to offset stimulus economic policies by the Trump administration (including the 2017 TCJA) many home owners shifted away from cash out refinancing toward using home equity lines of credit. The COVID-19 crisis caused interest rates to crater with mortgage rates reaching fresh all-time lows. This in turn caused 2020 to be a record year for home loan origination volume, with roughly $2.7 trillion of $4.1 trillion in mortgage volume being refinance loans.

Median incomes have not kept pace with home price increases, which has slowed the pace of home purchases.

Years of high rent prices in hot markets like Seattle & San Francisco have caused a lot of appartment inventory to come online recently, which has slowed the pace of rent price growth, with the median nationwide rent recently touching $1,500 per month.

Through the first 9 months of 2018 home builders have been one of the weakest performing categories across the domestic stock market, which has offset a massive 76% total return they achieved in 2017. Home builders rebounded strongly in 2019 & were one of the strongest categories after the COVID-19 crisis.

First Lien Information by Ethnicity & Income

Borrower race & ethnicity, borrower income & neighborhood income	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
Borrower race and ethnicity: Asian	4.8%	5.0%	4.5%	4.5%	4.9%	5.3%	5.5%	5.2%	5.3%	5.7%	5.4%	5.3%	5.5%	5.8%
Borrower race and ethnicity: Black or African American	7.1%	7.7%	8.7%	7.6%	6.3%	5.7%	6.0%	5.5%	5.1%	4.8%	5.2%	5.5%	6.0%	6.4%
Borrower race and ethnicity: Hispanic white	7.6%	10.5%	11.7%	9.0%	7.9%	8.0%	8.1%	8.3%	7.7%	7.3%	7.9%	8.3%	8.8%	8.8%
Borrower race and ethnicity: Non-Hispanic white	57.1%	61.7%	61.2%	65.4%	67.5%	67.9%	67.6%	68.7%	70.0%	70.2%	69.1%	68.1%	66.4%	64.9%
Borrower race and ethnicity: Other minority	1.4%	1.3%	1.1%	1.0%	0.9%	0.9%	0.9%	0.8%	0.8%	0.7%	0.8%	0.8%	0.8%	0.9%
Borrower race and ethnicity: Joint	2.3%	2.3%	2.3%	2.5%	2.8%	2.8%	2.7%	2.8%	2.9%	3.1%	3.4%	3.5%	3.6%	3.7%
Borrower race and ethnicity: Missing	19.8%	11.5%	10.5%	10.1%	9.6%	9.3%	9.1%	8.6%	8.2%	8.2%	8.3%	8.5%	8.9%	9.6%
Borrower income: Low or moderate	27.7%	24.6%	23.6%	24.6%	28.0%	36.6%	35.4%	34.4%	33.3%	28.5%	27.0%	27.9%	26.2%	26.3%
Borrower income: Middle	26.9%	25.7%	24.7%	25.1%	27.0%	26.6%	25.6%	25.2%	25.1%	25.2%	25.6%	26.1%	26.4%	26.7%
Borrower income: High	41.4%	45.5%	46.7%	46.9%	42.9%	34.6%	37.3%	38.8%	40.0%	44.7%	46.1%	44.9%	46.4%	46.0%
Borrower income: Income not used or not applicable	4.0%	4.2%	5.0%	3.4%	2.1%	2.2%	1.7%	1.6%	1.5%	1.6%	1.3%	1.1%	1.0%	1.0%
Neighborhood income: Low or moderate	14.5%	15.1%	15.7%	14.4%	13.2%	12.6%	12.1%	11.0%	12.8%	12.7%	13.3%	13.5%	14.1%	16.1%
Neighborhood income: Middle	48.7%	49.2%	49.5%	49.6%	49.8%	50.2%	49.5%	49.4%	43.6%	43.7%	44.6%	45.2%	45.8%	44.2%
Neighborhood income: High	35.8%	34.7%	33.7%	35.1%	35.9%	35.8%	37.7%	39.1%	43.2%	43.2%	41.8%	41.0%	40.0%	39.6%
Memo: Number of home-purchase loans (thousands)				3,331	2,533	2,391	2,157	2,018	2,284	2,638	2,747	3,134	3,463	3,594

What Are Current Local Mortgage Rates

The following table shows current mortgage rates in your local market.

What did Historical Mortgage Rates Look Like?

Here are historical average annual interest rates for popular home loan products.

Year	30-YR FRM Rate	30-YR Points	15-YR FRM Rate	15-YR Points	1-YR ARM Rate	1-YR Points	1-YR Margin	5/1-YR ARM Rate	5/1-YR Points	5/1-YR Margin
2019	3.94	0.5	3.39	0.5				3.57	0.4	2.75
2018	4.54	0.5	4.00	0.5				3.82	0.3	2.76
2017	3.99	0.5	3.27	0.5				3.20	0.4	2.74
2016	3.65	0.5	2.93	0.5				2.87	0.5	2.74
2015	3.85	0.6	3.09	0.6	2.53	0.3	2.74	2.94	0.5	2.74
2014	4.17	0.6	3.29	0.6	2.44	0.4	2.73	3.02	0.5	2.74
2013	3.98	0.7	3.11	0.7	2.62	0.4	2.76	2.88	0.5	2.75
2012	3.66	0.7	2.93	0.7	2.69	0.5	2.76	2.78	0.6	2.74
2011	4.45	0.7	3.68	0.7	3.03	0.6	2.76	3.31	0.6	2.74
2010	4.69	0.7	4.1	0.7	3.78	0.6	2.76	3.82	0.6	2.74
2009	5.04	0.7	4.57	0.7	4.7	0.6	2.75	4.75	0.6	2.74
2008	6.03	0.6	5.62	0.6	5.17	0.6	2.74	5.74	0.6	2.75
2007	6.34	0.4	6.03	0.4	5.56	0.6	2.75	6.07	0.5	2.76
2006	6.41	0.5	6.07	0.5	5.54	0.7	2.76	6.08	0.6	2.77
2005	5.87	0.6	5.42	0.6	4.49	0.7	2.77	5.32	0.6	2.78
2004	5.84	0.7	5.21	0.6	3.9	0.7	2.77
2003	5.83	0.6	5.17	0.6	3.76	0.6	2.76
2002	6.54	0.6	5.98	0.6	4.62	0.7	2.77
2001	6.97	0.9	6.5	0.9	5.82	0.9	2.77
2000	8.05	1	7.72	1	7.04	1	2.78
1999	7.44	1	7.06	1	5.99	1.1	2.79
1998	6.94	1.1	6.59	1.1	5.58	1.1	2.79
1997	7.6	1.7	7.13	1.7	5.61	1.4	2.79
1996	7.81	1.7	7.32	1.7	5.67	1.4	2.79
1995	7.93	1.8	7.48	1.8	6.06	1.5	2.8
1994	8.38	1.8	7.86	1.8	5.36	1.5	2.79
1993	7.31	1.6	6.83	1.6	4.58	1.5	2.77
1992	8.39	1.7	7.96	1.7	5.62	1.7	2.76
1991	9.25	2			7.09	1.9	2.77
1990	10.13	2.1			8.36	2.1	2.77
1989	10.32	2.1			8.8	2.3	2.77
1988	10.34	2.1			7.9	2.3	2.75
1987	10.21	2.2			7.83	2.2
1986	10.19	2.2			8.43	2.3
1985	12.43	2.5			10.05	2.5
1984	13.88	2.5			11.51	2.5
1983	13.24	2.1
1982	16.04	2.2
1981	16.63	2.1
1980	13.74	1.8
1979	11.2	1.6
1978	9.64	1.3
1977	8.85	1.1
1976	8.87	1.1
1975	9.05	1.1
1974	9.19	1.2
1973	8.04	1
1972	7.38	0.9

Source: Freddie Mac PMMS

What type of Mortgage is Most Popular?

The following table lists purchase loans by type from the Home Mortgage Disclosure Act (HMDA). Conventional mortgages consist of the majority of the purchase market, with both FHA & VA loans being popular choices.

Year	Conventional	Conventional %	FHA	FHA %	VA	VA %	FSA/RHS	Rural / Farm %	Total
2015	1,950,245	60.95%	809,236	25.29%	324,769	10.15%	115,395	3.61%	3,199,645
2016	2,182,458	61.57%	883,469	24.92%	364,471	10.28%	114,196	3.22%	3,544,594
2017	2,357,454	63.95%	830,638	22.53%	379,554	10.30%	118,870	3.22%	3,686,516

The popularity of various loan options changes over time depending on broader credit conditions & the fees associated with various programs. The following 2 tables show the breakdown of nonconventional share based upon ethnicity & neighborhood information. The first table is for home purchases & the second table is for refinancing.

Home Purchases

	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
Borrower race and ethnicity: Asian	2.9%	1.8%	2.1%	2.6%	13.4%	26.1%	26.6%	25.8%	21.9%	16.1%	14.7%	16.6%	15.6%	13.4%
Borrower race and ethnicity: Black or African American	21.7%	14.3%	13.6%	21.7%	64.1%	82.0%	82.9%	80.3%	77.2%	70.8%	68.0%	70.2%	68.5%	64.9%
Borrower race and ethnicity: Hispanic white	13.7%	7.5%	7.0%	12.4%	51.4%	75.4%	77.0%	74.1%	70.7%	63.1%	59.6%	62.7%	59.8%	55.5%
Borrower race and ethnicity: Non-Hispanic white	11.1%	8.9%	9.5%	11.5%	35.4%	52.0%	50.3%	47.4%	42.2%	35.5%	33.4%	36.0%	35.2%	33.1%
Borrower race and ethnicity: Other minority	14.0%	9.3%	9.4%	14.8%	48.4%	67.6%	68.8%	65.9%	62.2%	55.5%	54.0%	55.3%	54.2%	52.1%
Borrower race and ethnicity: Joint	16.9%	12.8%	14.4%	17.2%	46.4%	59.4%	56.3%	53.6%	48.9%	42.1%	41.3%	43.8%	43.1%	40.8%
Borrower race and ethnicity: Missing	11.3%	5.1%	5.7%	8.8%	32.7%	50.6%	49.4%	45.9%	39.4%	31.9%	32.2%	34.9%	34.7%	31.9%
Borrower income: Low or moderate	20.3%	15.2%	14.9%	16.0%	46.1%	65.3%	66.6%	64.5%	59.7%	52.5%	50.3%	53.4%	51.7%	47.4%
Borrower income: Middle	14.3%	11.0%	12.6%	16.7%	46.1%	60.4%	59.3%	57.0%	51.5%	45.6%	44.8%	47.7%	47.6%	45.0%
Borrower income: High	5.3%	3.9%	4.9%	7.5%	26.7%	38.5%	37.2%	34.4%	29.5%	25.1%	24.2%	26.3%	26.7%	25.2%
Neighborhood income: Low or moderate	15.8%	9.7%	9.6%	13.8%	45.4%	64.3%	65.0%	61.2%	57.9%	49.9%	48.1%	50.4%	48.8%	46.2%
Neighborhood income: Middle	14.1%	10.2%	10.8%	14.2%	42.7%	59.8%	59.4%	56.9%	52.1%	44.7%	43.1%	45.6%	44.6%	41.7%
Neighborhood income: High	7.1%	5.4%	6.1%	7.6%	27.4%	43.4%	42.0%	39.5%	34.6%	28.2%	26.1%	29.0%	28.4%	26.2%
Memo: All  borrowers	11.9%	8.5%	9.0%	11.8%	37.6%	54.4%	53.4%	50.5%	45.2%	38.2%	36.6%	39.4%	38.7%	36.3%

Refinancing

	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
Borrower race and ethnicity: Asian	1.2%	0.7%	0.6%	1.0%	4.6%	5.7%	4.7%	4.3%	5.9%	6.7%	6.8%	9.8%	8.3%	10.3%
Borrower race and ethnicity: Black or African American	11.1%	5.8%	4.4%	10.2%	39.2%	53.8%	42.0%	37.8%	38.6%	37.1%	39.1%	49.4%	53.0%	47.4%
Borrower race and ethnicity: Hispanic white	5.6%	2.6%	1.9%	3.9%	20.5%	36.2%	28.2%	22.9%	26.9%	25.8%	21.2%	32.1%	30.5%	26.4%
Borrower race and ethnicity: Non-Hispanic white	4.0%	2.4%	2.6%	4.9%	15.9%	16.8%	13.6%	12.2%	14.2%	14.8%	16.3%	21.0%	21.7%	22.4%
Borrower race and ethnicity: Other minority	5.5%	3.4%	2.4%	4.9%	20.0%	28.3%	23.3%	21.9%	25.5%	24.9%	25.0%	32.6%	36.7%	34.0%
Borrower race and ethnicity: Joint	7.5%	3.7%	3.4%	6.2%	19.5%	21.1%	16.6%	16.3%	20.1%	20.5%	25.5%	28.0%	29.3%	29.5%
Borrower race and ethnicity: Missing	4.2%	1.9%	1.7%	4.1%	18.7%	19.0%	12.5%	13.6%	16.5%	16.7%	21.5%	25.5%	27.7%	27.7%
Borrower income: Low or moderate	2.3%	1.6%	2.9%	5.7%	18.3%	16.6%	14.1%	11.5%	9.3%	9.3%	13.0%	16.5%	18.4%	23.5%
Borrower income: Middle	1.7%	1.3%	2.7%	6.2%	19.6%	13.2%	12.3%	10.9%	8.9%	9.5%	13.2%	14.8%	15.3%	21.3%
Borrower income: High	0.8%	0.6%	1.1%	2.7%	10.6%	7.2%	6.8%	6.3%	5.5%	6.1%	8.8%	9.2%	9.2%	14.2%
Neighborhood income: Low or moderate	5.9%	3.2%	2.9%	6.3%	24.6%	31.2%	23.1%	19.7%	22.2%	22.1%	22.4%	29.5%	30.4%	30.4%
Neighborhood income: Middle	5.2%	3.0%	2.9%	5.8%	20.2%	22.3%	17.5%	16.1%	18.4%	19.0%	20.9%	26.8%	28.2%	27.8%
Neighborhood income: High	2.9%	1.7%	1.6%	3.0%	11.3%	12.1%	10.0%	9.3%	11.7%	12.4%	14.5%	18.5%	19.0%	19.4%
Memo: All  borrowers	4.6%	2.6%	2.5%	5.0%	17.6%	18.7%	14.4%	13.3%	15.6%	16.4%	18.4%	23.5%	24.3%	24.9%

The next table shows what percent of dollar value of the nonconventional market various government-backed loan programs have represented since 2004.

Loan Purpose & Source	FHA Purchase	VA Purchase	FSA/RHS Purchase	FHA Refi	VA Refi	FSA/RHS Refi
Jan 2004	74.4%	23.0%	2.5%	69.5%	30.2%	0.2%
Feb 2004	73.9%	23.6%	2.5%	64.1%	35.7%	0.2%
Mar 2004	74.3%	23.2%	2.5%	65.6%	34.2%	0.2%
Apr 2004	73.8%	23.2%	2.9%	62.2%	37.5%	0.3%
May 2004	72.6%	24.5%	2.9%	63.0%	36.8%	0.2%
June 2004	71.8%	25.3%	2.9%	65.5%	34.1%	0.4%
July 2004	70.9%	26.2%	2.9%	68.6%	31.0%	0.4%
Aug 2004	71.0%	26.0%	3.1%	74.4%	25.3%	0.4%
Sept 2004	71.0%	26.0%	3.0%	76.6%	23.1%	0.3%
Oct 2004	70.7%	26.5%	2.9%	76.8%	22.8%	0.4%
Nov 2004	70.7%	26.5%	2.8%	73.4%	26.4%	0.2%
Dec 2004	69.1%	27.8%	3.1%	73.5%	26.2%	0.3%
Jan 2005	67.6%	29.1%	3.3%	71.7%	28.0%	0.3%
Feb 2005	66.7%	30.3%	3.0%	75.3%	24.4%	0.3%
Mar 2005	66.4%	30.3%	3.3%	72.4%	27.3%	0.3%
Apr 2005	65.5%	30.9%	3.6%	76.7%	23.0%	0.3%
May 2005	64.6%	31.9%	3.5%	80.3%	19.5%	0.2%
June 2005	63.2%	33.1%	3.7%	78.0%	21.7%	0.3%
July 2005	62.5%	34.0%	3.5%	73.7%	25.9%	0.4%
Aug 2005	62.0%	34.5%	3.5%	72.8%	26.8%	0.4%
Sept 2005	61.5%	34.6%	3.9%	74.0%	25.5%	0.4%
Oct 2005	62.0%	34.7%	3.4%	75.7%	23.8%	0.5%
Nov 2005	61.2%	34.9%	3.9%	76.8%	22.6%	0.6%
Dec 2005	61.0%	35.5%	3.5%	79.4%	20.2%	0.3%
Jan 2006	60.9%	35.5%	3.6%	84.9%	14.9%	0.3%
Feb 2006	62.4%	34.5%	3.1%	84.9%	14.7%	0.5%
Mar 2006	62.6%	34.2%	3.2%	85.9%	13.6%	0.4%
Apr 2006	62.1%	34.6%	3.3%	86.8%	13.0%	0.2%
May 2006	61.5%	35.0%	3.5%	88.5%	11.1%	0.4%
June 2006	59.3%	37.3%	3.4%	90.2%	9.7%	0.2%
July 2006	59.0%	37.6%	3.4%	90.7%	9.1%	0.2%
Aug 2006	59.3%	37.1%	3.6%	90.4%	9.2%	0.4%
Sept 2006	58.7%	37.6%	3.7%	88.7%	11.1%	0.2%
Oct 2006	58.2%	37.9%	3.9%	87.3%	12.5%	0.2%
Nov 2006	58.3%	38.1%	3.6%	84.4%	15.3%	0.3%
Dec 2006	56.6%	39.7%	3.7%	84.4%	15.1%	0.5%
Jan 2007	55.2%	40.1%	4.6%	83.4%	16.1%	0.4%
Feb 2007	56.8%	38.7%	4.5%	85.1%	14.3%	0.5%
Mar 2007	58.3%	36.9%	4.8%	86.3%	13.1%	0.5%
Apr 2007	58.4%	36.3%	5.3%	86.4%	13.3%	0.3%
May 2007	58.7%	36.1%	5.1%	88.7%	11.1%	0.2%
June 2007	58.4%	36.6%	5.0%	90.5%	9.3%	0.3%
July 2007	59.7%	35.0%	5.2%	93.5%	6.4%	0.1%
Aug 2007	61.0%	34.0%	5.0%	93.8%	6.0%	0.2%
Sept 2007	63.4%	31.5%	5.0%	93.7%	6.3%	0.1%
Oct 2007	64.7%	30.0%	5.3%	92.9%	6.9%	0.1%
Nov 2007	64.8%	30.3%	4.9%	91.7%	8.2%	0.1%
Dec 2007	65.4%	30.0%	4.5%	90.2%	9.7%	0.1%
Jan 2008	66.9%	28.3%	4.8%	88.9%	11.0%	0.1%
Feb 2008	69.9%	25.6%	4.6%	84.8%	15.0%	0.2%
Mar 2008	72.8%	23.1%	4.1%	87.2%	12.5%	0.3%
Apr 2008	76.6%	19.6%	3.9%	89.7%	10.1%	0.2%
May 2008	78.2%	18.2%	3.6%	91.7%	8.2%	0.1%
June 2008	78.2%	18.2%	3.5%	93.4%	6.5%	0.1%
July 2008	78.9%	17.6%	3.5%	94.5%	5.4%	0.1%
Aug 2008	80.0%	16.4%	3.6%	95.4%	4.6%	0.1%
Sept 2008	83.2%	13.7%	3.2%	95.1%	4.8%	0.1%
Oct 2008	78.9%	16.8%	4.3%	93.2%	6.7%	0.1%
Nov 2008	78.2%	17.2%	4.6%	94.0%	5.9%	0.1%
Dec 2008	78.3%	17.3%	4.4%	89.9%	9.9%	0.2%
Jan 2009	76.7%	18.4%	4.8%	82.0%	17.7%	0.3%
Feb 2009	75.7%	19.4%	4.9%	80.1%	19.5%	0.4%
Mar 2009	76.9%	18.3%	4.8%	81.7%	18.0%	0.3%
Apr 2009	77.0%	17.6%	5.5%	81.9%	17.8%	0.3%
May 2009	76.3%	17.8%	5.9%	80.2%	19.5%	0.3%
June 2009	76.2%	17.8%	6.0%	77.8%	21.8%	0.4%
July 2009	76.4%	17.1%	6.5%	82.5%	17.3%	0.3%
Aug 2009	76.7%	16.5%	6.8%	84.7%	15.1%	0.2%
Sept 2009	76.9%	15.9%	7.3%	86.5%	13.3%	0.2%
Oct 2009	77.8%	15.0%	7.2%	87.1%	12.6%	0.2%
Nov 2009	77.4%	15.1%	7.5%	85.7%	14.1%	0.2%
Dec 2009	75.8%	16.0%	8.1%	84.6%	15.2%	0.2%
Jan 2010	75.6%	16.4%	8.0%	81.2%	18.4%	0.5%
Feb 2010	76.3%	16.4%	7.3%	81.6%	18.0%	0.4%
Mar 2010	76.8%	15.7%	7.5%	80.9%	18.7%	0.4%
Apr 2010	76.5%	15.5%	8.1%	81.2%	18.4%	0.4%
May 2010	79.0%	16.5%	4.5%	80.5%	19.2%	0.4%
June 2010	79.5%	17.7%	2.8%	78.9%	20.8%	0.3%
July 2010	75.8%	21.2%	3.0%	77.9%	21.9%	0.2%
Aug 2010	75.9%	20.8%	3.3%	78.8%	21.0%	0.3%
Sept 2010	76.1%	20.0%	3.9%	79.0%	20.7%	0.2%
Oct 2010	75.1%	20.0%	4.9%	78.3%	21.5%	0.2%
Nov 2010	73.6%	20.5%	5.8%	75.9%	23.6%	0.5%
Dec 2010	72.5%	21.3%	6.2%	70.9%	28.5%	0.6%
Jan 2011	71.7%	20.9%	7.3%	69.4%	30.1%	0.5%
Feb 2011	72.2%	20.9%	6.8%	72.0%	27.4%	0.5%
Mar 2011	72.3%	20.4%	7.3%	74.9%	24.6%	0.4%
Apr 2011	72.0%	20.4%	7.6%	75.0%	24.6%	0.4%
May 2011	70.9%	21.8%	7.3%	70.6%	28.9%	0.5%
June 2011	68.6%	23.5%	7.9%	63.2%	36.2%	0.6%
July 2011	67.6%	23.9%	8.6%	57.2%	42.1%	0.7%
Aug 2011	67.1%	23.8%	9.1%	57.3%	42.0%	0.7%
Sept 2011	66.8%	22.8%	10.4%	51.3%	47.1%	1.6%
Oct 2011	67.7%	24.0%	8.3%	50.1%	48.7%	1.2%
Nov 2011	67.7%	24.1%	8.3%	49.8%	49.6%	0.6%
Dec 2011	67.0%	24.9%	8.1%	51.0%	48.5%	0.6%
Jan 2012	68.3%	23.0%	8.7%	53.6%	46.0%	0.5%
Feb 2012	68.1%	23.5%	8.4%	56.4%	43.1%	0.5%
Mar 2012	68.9%	22.8%	8.2%	58.6%	40.8%	0.6%
Apr 2012	68.7%	23.0%	8.4%	59.3%	40.0%	0.6%
May 2012	66.9%	24.4%	8.7%	53.3%	45.8%	0.9%
June 2012	64.9%	26.3%	8.8%	55.0%	44.1%	0.9%
July 2012	64.2%	26.8%	9.0%	60.4%	38.8%	0.8%
Aug 2012	64.1%	26.3%	9.6%	58.6%	40.5%	0.9%
Sept 2012	63.5%	26.0%	10.5%	57.9%	41.8%	0.2%
Oct 2012	64.8%	26.2%	9.0%	59.7%	39.8%	0.6%
Nov 2012	64.5%	26.6%	8.9%	57.6%	41.5%	1.0%
Dec 2012	64.0%	26.8%	9.2%	57.5%	41.5%	1.1%
Jan 2013	63.5%	25.8%	10.7%	58.0%	41.0%	1.0%
Feb 2013	63.2%	26.9%	9.9%	57.9%	41.1%	1.0%
Mar 2013	63.1%	27.1%	9.8%	57.8%	41.2%	1.0%
Apr 2013	63.2%	27.2%	9.6%	60.6%	38.4%	1.0%
May 2013	61.4%	29.5%	9.1%	54.2%	44.7%	1.1%
June 2013	59.5%	31.6%	8.9%	49.8%	49.1%	1.1%
July 2013	58.1%	32.2%	9.7%	50.2%	48.9%	1.0%
Aug 2013	56.9%	32.7%	10.4%	54.8%	44.3%	0.9%
Sept 2013	57.1%	32.0%	11.0%	58.7%	40.6%	0.7%
Oct 2013	60.9%	33.6%	5.6%	55.8%	43.8%	0.4%
Nov 2013	57.3%	32.0%	10.7%	51.1%	48.1%	0.7%
Dec 2013	56.9%	33.0%	10.2%	49.3%	49.9%	0.8%
Jan 2014	56.2%	32.1%	11.7%	51.1%	48.3%	0.6%
Feb 2014	56.1%	34.3%	9.7%	49.0%	50.3%	0.6%
Mar 2014	56.0%	34.3%	9.8%	46.2%	53.2%	0.6%
Apr 2014	56.7%	33.6%	9.7%	47.7%	51.7%	0.6%
May 2014	55.6%	35.0%	9.3%	45.6%	54.1%	0.3%
June 2014	54.4%	36.7%	8.9%	40.1%	59.5%	0.4%
July 2014	54.5%	36.5%	9.0%	39.0%	60.6%	0.4%
Aug 2014	53.9%	36.6%	9.5%	38.0%	61.7%	0.3%
Sept 2014	53.6%	36.2%	10.2%	37.2%	62.4%	0.4%
Oct 2014	54.3%	35.8%	9.9%	35.3%	64.3%	0.4%
Nov 2014	53.5%	35.6%	10.9%	28.2%	71.5%	0.3%
Dec 2014	54.1%	37.8%	8.1%	29.4%	70.3%	0.3%
Jan 2015	52.3%	37.6%	10.1%	24.1%	75.6%	0.3%
Feb 2015	57.6%	34.4%	8.0%	53.8%	46.0%	0.2%
Mar 2015	60.7%	32.4%	6.9%	62.3%	37.5%	0.2%
Apr 2015	62.6%	31.0%	6.3%	61.1%	38.6%	0.3%
May 2015	62.2%	31.8%	6.0%	57.7%	42.1%	0.2%
June 2015	61.9%	32.1%	6.1%	58.8%	41.0%	0.2%
July 2015	62.1%	32.0%	5.9%	57.5%	42.3%	0.2%
Aug 2015	62.2%	31.3%	6.5%	57.5%	42.3%	0.2%
Sept 2015	62.4%	30.8%	6.8%	55.4%	44.4%	0.2%
Oct 2015	62.2%	31.6%	6.1%	52.3%	47.5%	0.2%
Nov 2015	61.9%	31.7%	6.4%	50.7%	49.1%	0.2%
Dec 2015	61.7%	32.5%	5.8%	49.8%	50.0%	0.2%
Jan 2016	62.0%	31.8%	6.2%	49.9%	49.9%	0.1%
Feb 2016	62.3%	32.1%	5.5%	47.5%	52.3%	0.2%
Mar 2016	62.5%	32.2%	5.3%	42.0%	57.8%	0.2%
Apr 2016	62.8%	31.6%	5.6%	42.3%	57.5%	0.2%
May 2016	61.3%	33.1%	5.6%	43.4%	56.4%	0.2%
June 2016	60.9%	33.7%	5.5%	44.8%	55.1%	0.2%
July 2016	60.9%	33.5%	5.6%	42.6%	57.3%	0.2%
Aug 2016	60.8%	33.5%	5.7%	40.9%	59.0%	0.1%
Sept 2016	61.1%	33.3%	5.6%	40.4%	59.5%	0.1%
Oct 2016	61.0%	32.7%	6.3%	41.3%	58.3%	0.3%
Nov 2016	60.3%	33.4%	6.3%	41.8%	57.6%	0.6%
Dec 2016	60.5%	33.1%	6.4%	43.7%	55.5%	0.8%
Jan 2017	59.8%	33.4%	6.8%	48.7%	50.5%	0.8%
Feb 2017	60.0%	34.2%	5.8%	54.8%	44.5%	0.7%
Mar 2017	61.2%	33.0%	5.8%	52.9%	46.4%	0.7%
Apr 2017	61.0%	33.2%	5.8%	50.1%	49.2%	0.7%
May 2017	59.4%	34.9%	5.8%	48.2%	51.3%	0.5%
June 2017	58.3%	36.0%	5.7%	47.1%	52.4%	0.5%
July 2017	58.2%	35.8%	6.0%	44.3%	55.2%	0.5%
Aug 2017	58.4%	35.3%	6.3%	45.2%	54.2%	0.6%
Sept 2017	57.7%	35.9%	6.4%	44.1%	55.3%	0.5%
Oct 2017	57.8%	36.0%	6.2%	43.9%	55.6%	0.5%
Nov 2017	57.2%	36.4%	6.3%	44.1%	55.4%	0.5%
Dec 2017	57.1%	36.8%	6.1%	44.0%	55.6%	0.4%

How Common is Refinancing?

When interest rates are low, falling, or low & falling homeowners have a significant incentive to refinance their home loans to both lower their monthly payments & lower the rate of interest charged on their loans.

Year	Purchase	Buy %	Refinance	Refi %	Home Improvement	H I %	Total
2015	3,199,645	51.41%	2,841,018	45.65%	183,124	2.94%	6,223,787
2016	3,544,594	49.54%	3,370,884	47.11%	239,511	3.35%	7,154,989
2017	3,686,516	60.29%	2,200,838	35.99%	227,067	3.71%	6,114,421

When interest rates rise much of the demand to refinance dissipates, as homeowners prefer to maintain their existing loans with lower rates. In 2017 there were over a million fewer refinances than during 2016 as interest rates rose. In 2018 there will once again be fewer refinancing loans as interest rates continue rising.

Home equity loans & home equity lines of credit allow homeowners to borrow against a portion of their home equity while maintaining their first mortgage at its existing low rate. TransUnion published a study in 2017 which suggested there will be an average of 2 million HELOCs per year between 2018 and 2022.

Here is a breakdown of refinancing activity by ethnicity & income.

Borrower race & ethnicity, borrower income & neighborhood income	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
Borrower race and ethnicity: Asian	3.5%	2.9%	3.0%	3.1%	3.1%	4.1%	5.2%	5.4%	5.5%	4.7%	4.3%	5.0%	5.5%	4.0%
Borrower race and ethnicity: Black or African American	7.4%	8.3%	9.6%	8.4%	6.0%	3.5%	2.9%	3.1%	3.3%	4.4%	5.4%	5.0%	5.0%	6.0%
Borrower race and ethnicity: Hispanic white	6.2%	8.6%	10.1%	8.7%	5.3%	3.2%	3.0%	3.3%	3.9%	5.0%	6.2%	6.3%	6.2%	6.8%
Borrower race and ethnicity: Non-Hispanic white	57.2%	60.9%	59.6%	62.7%	70.7%	74.6%	74.3%	73.5%	72.5%	70.5%	67.8%	67.2%	65.2%	63.3%
Borrower race and ethnicity: Other minority	1.4%	1.4%	1.3%	1.1%	0.8%	0.6%	0.5%	0.6%	0.6%	0.7%	0.9%	0.8%	0.9%	1.0%
Borrower race and ethnicity: Joint	2.1%	2.1%	1.9%	2.0%	2.2%	2.6%	2.7%	2.8%	3.1%	3.1%	3.2%	3.3%	3.4%	3.3%
Borrower race and ethnicity: Missing	22.1%	15.7%	14.6%	14.1%	11.9%	11.4%	11.4%	11.3%	11.1%	11.6%	12.2%	12.4%	13.8%	15.7%
Borrower income: Low or moderate	26.2%	25.5%	24.7%	23.3%	23.4%	19.6%	18.9%	19.2%	19.6%	21.1%	22.1%	19.0%	16.9%	22.9%
Borrower income: Middle	26.3%	26.8%	26.1%	25.5%	25.4%	22.4%	22.5%	21.3%	21.8%	21.7%	21.9%	21.0%	20.3%	23.3%
Borrower income: High	38.8%	40.8%	43.7%	46.0%	44.6%	45.6%	49.5%	48.1%	47.6%	46.3%	44.9%	45.2%	47.5%	44.0%
Borrower income: Income not used or not applicable	8.7%	6.9%	5.5%	5.2%	6.6%	12.4%	9.1%	11.4%	10.9%	11.0%	11.1%	14.8%	15.3%	9.7%
Neighborhood income: Low or moderate	15.3%	16.5%	17.9%	16.1%	11.9%	7.8%	7.2%	7.4%	10.1%	12.1%	13.3%	12.3%	12.0%	15.5%
Neighborhood income: Middle	50.0%	51.3%	52.0%	52.2%	51.9%	47.5%	46.1%	46.1%	41.9%	43.7%	45.3%	43.8%	43.4%	44.6%
Neighborhood income: High	33.9%	31.6%	29.4%	31.0%	35.2%	43.5%	46.0%	46.0%	47.6%	43.9%	41.3%	43.7%	44.4%	39.7%
Memo: Number of refinance loans (thousands)				3,588	2,869	5,243	4,483	3,823	5,888	4,349	1,971	2,816	3,341	2,170

What is the Typical Monthly Mortgage Volume?

From the beginning of 2005 through the first half of 2018 there was an average of 777,530 mortgage loans per month, with an average monthly loan value of $169,381,611,572. This meant the average loan amount was $217,845.76. A table of month by month data is included below.

Month	Adjusted Loan Volume	Unadjusted Loan Volume	YoY △ Volume	% △	Adjusted Value	Unadjusted Value	YoY △ Value	% △
2005-01	1,281,158	1,017,936			$238,627,044,783	$196,761,502,824
2005-02	1,280,894	1,095,816			$248,193,268,178	$215,667,486,132
2005-03	1,282,214	1,416,168			$253,514,350,079	$280,554,378,192
2005-04	1,223,548	1,263,120			$243,277,319,357	$245,770,203,528
2005-05	1,235,724	1,348,308			$252,902,818,745	$269,408,141,208
2005-06	1,318,309	1,496,796			$271,526,023,215	$305,152,263,588
2005-07	1,471,048	1,470,672			$318,457,231,361	$305,682,507,036
2005-08	1,488,667	1,623,636			$310,072,601,516	$331,522,211,520
2005-09	1,468,924	1,432,776			$301,349,593,479	$294,623,540,424
2005-10	1,378,905	1,332,420			$284,143,914,105	$275,135,069,556
2005-11	1,289,618	1,224,900			$264,414,682,054	$254,750,693,304
2005-12	1,195,979	1,175,568			$234,058,926,420	$242,707,629,624
2006-01	1,149,123	946,500	-71,436	-7.02%	$226,194,698,126	$194,641,074,240	-$2,120,428,584	-1.08%
2006-02	1,131,723	969,804	-126,012	-11.50%	$228,057,706,016	$198,581,615,196	-$17,085,870,936	-7.92%
2006-03	1,130,727	1,248,036	-168,132	-11.87%	$236,420,426,412	$260,847,131,280	-$19,707,246,912	-7.02%
2006-04	1,112,533	1,112,772	-150,348	-11.90%	$239,652,474,939	$233,698,999,776	-$12,071,203,752	-4.91%
2006-05	1,120,747	1,265,868	-82,440	-6.11%	$236,097,578,760	$261,847,965,612	-$7,560,175,596	-2.81%
2006-06	1,133,188	1,285,860	-210,936	-14.09%	$241,004,603,476	$269,956,255,404	-$35,196,008,184	-11.53%
2006-07	1,121,287	1,115,424	-355,248	-24.16%	$244,873,782,074	$233,856,736,896	-$71,825,770,140	-23.50%
2006-08	1,167,737	1,262,040	-361,596	-22.27%	$249,403,761,099	$264,680,261,976	-$66,841,949,544	-20.16%
2006-09	1,196,228	1,123,452	-309,324	-21.59%	$253,447,936,423	$237,322,395,876	-$57,301,144,548	-19.45%
2006-10	1,173,376	1,178,988	-153,432	-11.52%	$250,978,098,097	$253,335,626,448	-$21,799,443,108	-7.92%
2006-11	1,150,339	1,104,180	-120,720	-9.86%	$246,063,445,215	$240,218,610,612	-$14,532,082,692	-5.70%
2006-12	1,167,208	1,118,628	-56,940	-4.84%	$253,815,607,747	$255,472,276,512	$12,764,646,888	5.26%
2007-01	1,151,864	990,204	43,704	4.62%	$247,207,733,578	$223,663,325,064	$29,022,250,824	14.91%
2007-02	1,069,877	914,340	-55,464	-5.72%	$233,585,228,234	$202,854,502,092	$4,272,886,896	2.15%
2007-03	1,007,876	1,069,860	-178,176	-14.28%	$226,095,606,503	$238,424,124,480	-$22,423,006,800	-8.60%
2007-04	982,239	1,016,976	-95,796	-8.61%	$219,863,613,290	$221,947,664,688	-$11,751,335,088	-5.03%
2007-05	953,998	1,071,204	-194,664	-15.38%	$210,870,937,269	$233,401,148,556	-$28,446,817,056	-10.86%
2007-06	914,054	997,428	-288,432	-22.43%	$202,282,623,094	$216,599,853,816	-$53,356,401,588	-19.76%
2007-07	876,504	892,824	-222,600	-19.96%	$192,897,623,632	$188,966,780,352	-$44,889,956,544	-19.20%
2007-08	814,031	867,396	-394,644	-31.27%	$170,104,756,400	$178,678,906,536	-$86,001,355,440	-32.49%
2007-09	726,672	659,340	-464,112	-41.31%	$146,383,755,698	$131,805,627,720	-$105,516,768,156	-44.46%
2007-10	702,970	740,052	-438,936	-37.23%	$141,939,609,119	$150,490,790,568	-$102,844,835,880	-40.60%
2007-11	686,147	673,116	-431,064	-39.04%	$135,377,477,442	$135,351,087,648	-$104,867,522,964	-43.66%
2007-12	691,727	675,672	-442,956	-39.60%	$138,122,515,776	$141,374,326,152	-$114,097,950,360	-44.66%
2008-01	703,383	615,900	-374,304	-37.80%	$136,330,834,018	$125,872,307,232	-$97,791,017,832	-43.72%
2008-02	959,197	849,888	-64,452	-7.05%	$202,424,793,296	$182,121,415,548	-$20,733,086,544	-10.22%
2008-03	812,620	821,808	-248,052	-23.19%	$174,136,895,035	$173,797,579,692	-$64,626,544,788	-27.11%
2008-04	767,458	814,644	-202,332	-19.90%	$158,985,704,448	$164,421,177,024	-$57,526,487,664	-25.92%
2008-05	678,065	723,720	-347,484	-32.44%	$143,194,849,471	$151,034,550,888	-$82,366,597,668	-35.29%
2008-06	612,395	661,356	-336,072	-33.69%	$126,538,285,966	$133,753,698,312	-$82,846,155,504	-38.25%
2008-07	570,163	596,604	-296,220	-33.18%	$114,263,986,334	$115,382,960,928	-$73,583,819,424	-38.94%
2008-08	553,502	544,344	-323,052	-37.24%	$108,917,140,147	$105,507,200,352	-$73,171,706,184	-40.95%
2008-09	536,953	525,600	-133,740	-20.28%	$102,283,066,217	$99,700,520,268	-$32,105,107,452	-24.36%
2008-10	517,251	555,072	-184,980	-25.00%	$100,894,684,707	$109,182,348,600	-$41,308,441,968	-27.45%
2008-11	403,956	381,816	-291,300	-43.28%	$75,952,602,620	$73,032,127,152	-$62,318,960,496	-46.04%
2008-12	495,941	528,696	-146,976	-21.75%	$95,925,261,855	$107,144,108,592	-$34,230,217,560	-24.21%
2009-01	837,702	721,584	105,684	17.16%	$167,416,797,870	$151,442,723,712	$25,570,416,480	20.31%
2009-02	1,006,731	846,840	-3,048	-0.36%	$205,435,983,323	$175,057,337,508	-$7,064,078,040	-3.88%
2009-03	898,112	922,416	100,608	12.24%	$188,470,902,234	$190,436,034,432	$16,638,454,740	9.57%
2009-04	924,986	964,728	150,084	18.42%	$197,771,791,171	$200,421,645,312	$36,000,468,288	21.90%
2009-05	1,014,247	1,019,328	295,608	40.85%	$212,957,073,589	$211,443,199,320	$60,408,648,432	40.00%
2009-06	916,083	1,006,416	345,060	52.17%	$190,821,406,247	$205,886,014,608	$72,132,316,296	53.93%
2009-07	816,031	849,312	252,708	42.36%	$171,755,252,456	$173,197,364,496	$57,814,403,568	50.11%
2009-08	672,001	659,640	115,296	21.18%	$134,646,325,842	$131,018,547,552	$25,511,347,200	24.18%
2009-09	626,554	625,680	100,080	19.04%	$123,749,004,802	$122,899,601,232	$23,199,080,964	23.27%
2009-10	659,895	698,796	143,724	25.89%	$132,042,594,161	$140,983,667,160	$31,801,318,560	29.13%
2009-11	689,684	692,208	310,392	81.29%	$135,599,218,224	$138,924,686,808	$65,892,559,656	90.22%
2009-12	623,956	675,792	147,096	27.82%	$125,580,507,572	$141,593,282,664	$34,449,174,072	32.15%
2010-01	595,589	502,968	-218,616	-30.30%	$120,362,541,655	$105,595,703,112	-$45,847,020,600	-30.27%
2010-02	546,302	455,952	-390,888	-46.16%	$111,245,276,236	$93,707,604,528	-$81,349,732,980	-46.47%
2010-03	576,425	598,776	-323,640	-35.09%	$117,833,680,238	$120,317,644,584	-$70,118,389,848	-36.82%
2010-04	594,800	604,848	-359,880	-37.30%	$120,385,907,564	$118,831,146,552	-$81,590,498,760	-40.71%
2010-05	571,906	560,304	-459,024	-45.03%	$113,357,060,189	$110,129,775,816	-$101,313,423,504	-47.92%
2010-06	632,251	687,552	-318,864	-31.68%	$131,707,762,064	$141,246,213,816	-$64,639,800,792	-31.40%
2010-07	609,578	617,520	-231,792	-27.29%	$133,758,736,406	$131,988,908,160	-$41,208,456,336	-23.79%
2010-08	758,400	778,272	118,632	17.98%	$163,217,817,404	$167,331,849,768	$36,313,302,216	27.72%
2010-09	826,625	841,272	215,592	34.46%	$178,213,376,713	$180,158,508,024	$57,258,906,792	46.59%
2010-10	835,664	867,288	168,492	24.11%	$177,245,843,175	$184,751,695,536	$43,768,028,376	31.04%
2010-11	819,732	862,728	170,520	24.63%	$171,111,507,349	$184,415,282,664	$45,490,595,856	32.74%
2010-12	778,057	846,600	170,808	25.28%	$162,033,064,987	$182,395,042,464	$40,801,759,800	28.82%
2011-01	718,068	606,672	103,704	20.62%	$148,770,287,615	$128,983,106,640	$23,387,403,528	22.15%
2011-02	586,970	485,712	29,760	6.53%	$119,478,968,596	$99,311,868,984	$5,604,264,456	5.98%
2011-03	511,314	523,392	-75,384	-12.59%	$104,277,514,690	$104,959,566,024	-$15,358,078,560	-12.76%
2011-04	491,004	473,472	-131,376	-21.72%	$99,020,303,826	$92,701,833,384	-$26,129,313,168	-21.99%
2011-05	483,158	481,680	-78,624	-14.03%	$96,655,768,380	$95,824,542,288	-$14,305,233,528	-12.99%
2011-06	505,096	548,088	-139,464	-20.28%	$102,570,766,397	$110,727,858,936	-$30,518,354,880	-21.61%
2011-07	541,642	537,384	-80,136	-12.98%	$113,242,085,319	$110,225,459,520	-$21,763,448,640	-16.49%
2011-08	564,733	612,624	-165,648	-21.28%	$114,911,515,406	$125,317,722,192	-$42,014,127,576	-25.11%
2011-09	666,145	689,280	-151,992	-18.07%	$146,576,795,284	$150,486,135,432	-$29,672,372,592	-16.47%
2011-10	726,581	755,592	-111,696	-12.88%	$153,907,406,097	$159,973,263,840	-$24,778,431,696	-13.41%
2011-11	702,730	735,504	-127,224	-14.75%	$149,536,144,883	$159,659,811,240	-$24,755,471,424	-13.42%
2011-12	698,915	729,624	-116,976	-13.82%	$144,252,598,036	$155,033,682,360	-$27,361,360,104	-15.00%
2012-01	736,741	638,304	31,632	5.21%	$153,376,345,095	$134,968,725,240	$5,985,618,600	4.64%
2012-02	832,969	713,520	227,808	46.90%	$179,161,641,983	$153,355,736,352	$54,043,867,368	54.42%
2012-03	827,858	811,152	287,760	54.98%	$176,172,108,828	$169,990,398,192	$65,030,832,168	61.96%
2012-04	792,206	758,184	284,712	60.13%	$169,989,131,177	$158,675,647,704	$65,973,814,320	71.17%
2012-05	779,656	807,384	325,704	67.62%	$162,968,079,514	$168,526,233,648	$72,701,691,360	75.87%
2012-06	779,764	827,688	279,600	51.01%	$165,563,335,084	$175,922,272,296	$65,194,413,360	58.88%
2012-07	820,543	857,856	320,472	59.64%	$178,031,259,106	$185,149,702,368	$74,924,242,848	67.97%
2012-08	896,158	992,808	380,184	62.06%	$192,253,446,237	$213,807,067,056	$88,489,344,864	70.61%
2012-09	889,955	867,792	178,512	25.90%	$191,474,069,039	$184,110,814,032	$33,624,678,600	22.34%
2012-10	918,389	1,010,976	255,384	33.80%	$195,217,377,094	$214,346,229,024	$54,372,965,184	33.99%
2012-11	926,657	952,056	216,552	29.44%	$196,471,772,962	$204,762,065,328	$45,102,254,088	28.25%
2012-12	971,148	961,464	231,840	31.78%	$207,834,468,782	$211,299,499,776	$56,265,817,416	36.29%
2013-01	1,043,673	913,008	274,704	43.04%	$222,991,955,446	$196,722,199,848	$61,753,474,608	45.75%
2013-02	1,031,121	836,832	123,312	17.28%	$220,563,470,462	$178,005,071,400	$24,649,335,048	16.07%
2013-03	951,052	903,648	92,496	11.40%	$202,937,271,913	$190,516,848,528	$20,526,450,336	12.08%
2013-04	919,983	918,144	159,960	21.10%	$196,183,534,899	$192,283,552,584	$33,607,904,880	21.18%
2013-05	903,755	953,928	146,544	18.15%	$195,277,402,041	$205,868,324,688	$37,342,091,040	22.16%
2013-06	852,285	888,432	60,744	7.34%	$183,322,004,079	$192,212,349,216	$16,290,076,920	9.26%
2013-07	779,709	854,280	-3,576	-0.42%	$166,187,376,667	$183,055,858,080	-$2,093,844,288	-1.13%
2013-08	687,785	751,464	-241,344	-24.31%	$145,154,515,292	$158,538,169,128	-$55,268,897,928	-25.85%
2013-09	577,329	583,716	-284,076	-32.74%	$119,345,731,286	$119,230,469,112	-$64,880,344,920	-35.24%
2013-10	511,377	555,504	-455,472	-45.05%	$106,934,062,595	$115,210,446,408	-$99,135,782,616	-46.25%
2013-11	503,615	488,376	-463,680	-48.70%	$103,282,524,115	$100,663,997,856	-$104,098,067,472	-50.84%
2013-12	490,321	492,408	-469,056	-48.79%	$102,528,401,500	$106,046,900,952	-$105,252,598,824	-49.81%
2014-01	452,960	384,576	-528,432	-57.88%	$94,142,743,663	$80,103,742,536	-$116,618,457,312	-59.28%
2014-02	449,218	359,208	-477,624	-57.08%	$93,330,400,771	$73,926,369,840	-$104,078,701,560	-58.47%
2014-03	471,401	448,584	-455,064	-50.36%	$100,130,709,009	$94,593,960,936	-$95,922,887,592	-50.35%
2014-04	479,193	484,632	-433,512	-47.22%	$103,275,116,188	$102,858,765,312	-$89,424,787,272	-46.51%
2014-05	494,612	518,712	-435,216	-45.62%	$106,066,907,912	$111,187,869,456	-$94,680,455,232	-45.99%
2014-06	512,660	564,240	-324,192	-36.49%	$113,628,106,430	$126,466,164,576	-$65,746,184,640	-34.20%
2014-07	523,509	579,552	-274,728	-32.16%	$116,469,827,545	$130,204,831,632	-$52,851,026,448	-28.87%
2014-08	521,497	556,632	-194,832	-25.93%	$115,540,304,014	$122,876,383,968	-$35,661,785,160	-22.49%
2014-09	518,611	541,536	-42,180	-7.23%	$115,377,738,473	$119,292,723,456	$62,254,344	0.05%
2014-10	523,060	563,256	7,752	1.40%	$118,788,454,873	$126,475,939,320	$11,265,492,912	9.78%
2014-11	542,221	499,944	11,568	2.37%	$126,571,413,874	$116,569,418,904	$15,905,421,048	15.80%
2014-12	560,795	576,288	83,880	17.03%	$127,759,880,122	$135,507,485,880	$29,460,584,928	27.78%
2015-01	573,712	455,304	70,728	18.39%	$135,443,234,308	$106,997,148,648	$26,893,406,112	33.57%
2015-02	723,502	564,984	205,776	57.29%	$180,306,289,623	$139,061,791,848	$65,135,422,008	88.11%
2015-03	761,873	750,504	301,920	67.31%	$186,738,785,713	$183,732,125,904	$89,138,164,968	94.23%
2015-04	701,777	715,896	231,264	47.72%	$169,471,294,211	$170,275,881,756	$67,417,116,444	65.54%
2015-05	685,557	710,760	192,048	37.02%	$168,573,248,072	$174,354,364,896	$63,166,495,440	56.81%
2015-06	665,206	769,848	205,608	36.44%	$158,148,791,521	$185,726,552,952	$59,260,388,376	46.86%
2015-07	642,337	714,072	134,520	23.21%	$150,839,105,550	$169,472,824,008	$39,267,992,376	30.16%
2015-08	615,099	660,264	103,632	18.62%	$143,652,817,028	$153,842,342,736	$30,965,958,768	25.20%
2015-09	615,390	645,384	103,848	19.18%	$144,315,290,755	$150,107,587,200	$30,814,863,744	25.83%
2015-10	594,250	619,728	56,472	10.03%	$138,826,931,932	$143,054,735,016	$16,578,795,696	13.11%
2015-11	535,713	507,504	7,560	1.51%	$128,191,780,935	$121,394,348,664	$4,824,929,760	4.14%
2015-12	588,391	603,936	27,648	4.80%	$137,706,589,495	$145,568,986,416	$10,061,500,536	7.43%
2016-01	615,194	460,104	4,800	1.05%	$146,186,355,585	$108,442,782,768	$1,445,634,120	1.35%
2016-02	632,417	503,736	-61,248	-10.84%	$152,737,723,265	$120,028,548,840	-$19,033,243,008	-13.69%
2016-03	681,647	687,576	-62,928	-8.38%	$170,640,001,297	$172,214,838,288	-$11,517,287,616	-6.27%
2016-04	708,096	696,888	-19,008	-2.66%	$178,538,706,468	$172,312,415,880	$2,036,534,124	1.20%
2016-05	694,673	755,304	44,544	6.27%	$172,509,009,739	$187,384,193,880	$13,029,828,984	7.47%
2016-06	693,987	812,928	43,080	5.60%	$173,039,990,841	$205,450,309,608	$19,723,756,656	10.62%
2016-07	710,630	740,700	26,628	3.73%	$178,200,764,981	$187,110,659,424	$17,637,835,416	10.41%
2016-08	769,709	884,004	223,740	33.89%	$194,882,390,293	$224,755,928,904	$70,913,586,168	46.09%
2016-09	786,192	833,304	187,920	29.12%	$202,289,895,752	$213,039,629,928	$62,932,042,728	41.92%
2016-10	792,565	805,440	185,712	29.97%	$202,126,386,292	$203,698,159,440	$60,643,424,424	42.39%
2016-11	772,530	759,720	252,216	49.70%	$194,987,082,562	$192,297,516,048	$70,903,167,384	58.41%
2016-12	757,038	753,444	149,508	24.76%	$186,725,525,500	$190,091,980,080	$44,522,993,664	30.59%
2017-01	673,062	510,204	50,100	10.89%	$165,022,039,798	$124,282,806,120	$15,840,023,352	14.61%
2017-02	639,262	477,492	-26,244	-5.21%	$155,703,590,850	$114,622,176,480	-$5,406,372,360	-4.50%
2017-03	605,456	604,176	-83,400	-12.13%	$146,371,105,419	$145,863,368,136	-$26,351,470,152	-15.30%
2017-04	603,542	568,836	-128,052	-18.37%	$149,295,357,133	$137,318,424,648	-$34,993,991,232	-20.31%
2017-05	602,100	681,312	-73,992	-9.80%	$149,756,530,754	$169,074,340,320	-$18,309,853,560	-9.77%
2017-06	611,852	720,840	-92,088	-11.33%	$154,551,698,685	$184,180,649,616	-$21,269,659,992	-10.35%
2017-07	620,493	646,440	-94,260	-12.73%	$155,569,901,432	$163,721,542,632	-$23,389,116,792	-12.50%
2017-08	612,229	704,616	-179,388	-20.29%	$155,389,378,831	$179,928,710,148	-$44,827,218,756	-19.94%
2017-09	618,809	640,531	-192,773	-23.13%	$156,136,210,852	$160,563,357,249	-$52,476,272,679	-24.63%
2017-10	621,369	659,708	-145,732	-18.09%	$158,810,487,990	$168,574,243,717	-$35,123,915,723	-17.24%
2017-11	623,644	616,647	-143,073	-18.83%	$157,633,782,207	$156,600,194,316	-$35,697,321,732	-18.56%
2017-12	635,625	614,859	-138,585	-18.39%	$163,015,398,556	$160,193,242,401	-$29,898,737,679	-15.73%
2018-01	630,595	489,369	-20,835	-4.08%	$161,077,467,787	$124,552,365,911	$269,559,791	0.22%
2018-02	639,531	472,343	-5,149	-1.08%	$165,163,255,394	$120,288,148,981	$5,665,972,501	4.94%
2018-03	610,927	581,801	-22,375	-3.70%	$156,915,635,090	$148,308,232,337	$2,444,864,201	1.68%
2018-04	642,278	619,139	50,303	8.84%	$168,319,181,738	$158,372,174,782	$21,053,750,134	15.33%
2018-05	712,381	807,738	126,426	18.56%	$186,815,740,628	$210,701,416,450	$41,627,076,130	24.62%
2018-06	710,801	813,034	92,194	12.79%	$186,331,437,741	$214,846,752,979	$30,666,103,363	16.65%
2018-07	683,864	738,388	91,948	14.22%	$183,155,138,468	$200,728,523,741	$37,006,981,109	22.60%

The following tables show the average loan value by ethnicity for home purchases and refinances. All figures are in thousands of nominal dollars unless otherwise stated.

Home Purchase

Borrower race & ethnicity, borrower income & neighborhood income	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
Borrower race and ethnicity: Asian	$280	$316	$326	$334	$299	$276	$293	$291	$304	$328	$344	$360	$373	$390
Borrower race and ethnicity: Black or African American	$166	$183	$197	$197	$184	$172	$174	$174	$179	$193	$199	$209	$217	$224
Borrower race and ethnicity: Hispanic white	$189	$224	$238	$220	$186	$168	$168	$168	$176	$190	$198	$209	$220	$230
Borrower race and ethnicity: Non-Hispanic white	$193	$211	$216	$222	$209	$195	$204	$204	$213	$226	$231	$239	$246	$254
Borrower race and ethnicity: Other minority(2)	$206	$240	$257	$245	$216	$196	$201	$198	$206	$219	$229	$241	$249	$257
Borrower race and ethnicity: Joint	$233	$255	$261	$269	$255	$248	$263	$261	$274	$289	$293	$302	$311	$322
Borrower race and ethnicity: Missing	$216	$248	$261	$280	$265	$242	$256	$262	$279	$298	$293	$303	$308	$317
Borrower income: Low or moderate	$114	$116	$117	$124	$128	$129	$128	$125	$131	$132	$132	$141	$146	$152
Borrower income: Middle	$165	$170	$170	$176	$182	$187	$189	$184	$192	$194	$193	$204	$209	$217
Borrower income: High	$281	$306	$313	$317	$298	$291	$303	$302	$313	$323	$328	$341	$345	$359
Borrower income: Income not used or not applicable	$208	$235	$254	$257	$211	$189	$204	$221	$231	$258	$275	$292	$312	$332
Neighborhood income: Low or moderate	$159	$180	$189	$188	$175	$160	$164	$163	$158	$171	$178	$188	$199	$204
Neighborhood income: Middle	$172	$190	$197	$196	$186	$174	$177	$173	$178	$191	$196	$206	$216	$224
Neighborhood income: High	$258	$284	$294	$301	$277	$257	$270	$271	$282	$300	$306	$316	$324	$340
Memo: All loans	$201	$221	$228	$232	$217	$202	$210	$210	$221	$235	$240	$249	$257	$267
Memo: Conventional jumbo loans (percent of originations)	11.2%	12.7%	9.4%	6.8%	2.3%	1.3%	1.7%	2.2%	3.0%	4.0%	4.8%	5.3%	5.2%	5.5%
Memo: Conventional jumbo loans (percent of loaned dollars)	29.4%	32.5%	26.8%	21.8%	10.1%	6.2%	7.5%	9.5%	12.0%	14.6%	16.5%	17.3%	16.9%	17.6%

Refinance

Borrower race & ethnicity, borrower income & neighborhood income	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
Borrower race and ethnicity: Asian	$274	$325	$370	$368	$321	$298	$313	$309	$308	$304	$341	$363	$368	$368
Borrower race and ethnicity: Black or African American	$151	$180	$199	$192	$173	$184	$180	$174	$181	$171	$174	$199	$212	$213
Borrower race and ethnicity: Hispanic white	$178	$219	$252	$244	$193	$190	$191	$183	$190	$180	$190	$214	$228	$223
Borrower race and ethnicity: Non-Hispanic white	$180	$205	$221	$222	$205	$209	$210	$208	$212	$206	$216	$239	$251	$238
Borrower race and ethnicity: Other minority	$190	$229	$269	$258	$211	$217	$218	$207	$213	$201	$213	$240	$252	$245
Borrower race and ethnicity: Joint	$210	$246	$265	$262	$243	$247	$254	$249	$254	$249	$266	$292	$304	$290
Borrower race and ethnicity: Missing	$194	$226	$246	$250	$242	$243	$248	$253	$253	$244	$245	$268	$277	$259
Borrower income: Low or moderate	$114	$124	$124	$126	$129	$138	$133	$128	$135	$128	$123	$136	$143	$143
Borrower income: Middle	$162	$181	$183	$181	$180	$185	$180	$174	$182	$171	$174	$193	$202	$200
Borrower income: High	$256	$294	$320	$312	$276	$268	$274	$281	$277	$276	$301	$324	$330	$329
Borrower income: Income not used or not applicable	$150	$178	$240	$236	$192	$203	$202	$185	$211	$193	$198	$229	$243	$225
Neighborhood income: Low or moderate	$142	$169	$188	$185	$164	$173	$173	$167	$163	$153	$157	$182	$196	$185
Neighborhood income: Middle	$158	$184	$201	$198	$182	$184	$182	$175	$181	$173	$180	$201	$214	$204
Neighborhood income: High	$245	$282	$313	$311	$272	$259	$265	$269	$269	$270	$290	$311	$321	$316
Memo: All loans	$185	$212	$232	$231	$212	$216	$220	$218	$221	$213	$222	$247	$259	$246
Memo: Conventional jumbo loans (percent of originations)	9.2%	11.4%	10.2%	7.5%	2.0%	0.9%	1.6%	2.4%	2.2%	3.0%	4.2%	4.9%	4.6%	4.3%
Memo: Conventional jumbo loans (percent of loaned dollars)	25.8%	29.6%	28.3%	23.0%	9.0%	4.1%	6.9%	10.7%	9.2%	12.7%	16.5%	16.8%	15.7%	16.4%

The following table lists monthly application and loan origination volume data dating back to 2004, with all figures in millions of dollars.

Characteristic of loan and property (1-4 units, with the exception of multi-family)	Purchase: Applications	Purchase: Originations	Purchase: First lien, owner occupied originations	Purchase: First lien, owner occupied, site-built, conventional originations	Purchase: First lien, owner occupied, site-built, nonconventional originations	Purchase: First lien, owner occupied, manufactured, conventional originations	Refinance: applications	Refinance: originations	Refinance: First lien, owner occupied originations	Refinance: First lien, owner occupied, site-built, conventional originations	Refinance: First lien, owner occupied, site-built, nonconventional originations	Refinance: First lien, owner occupied, manufactured, conventional originations	Refinance: First lien, owner occupied, manufactured, nonconventional originations	Refinance: First lien, non-owner occupied originations	Refinance: Junior lien, owner occupied originations	Refinance: Junior lien, non-owner occupied originations	Home improvement: Applications	Home improvement: Originations	Multifamily: Applications	Multifamily: Originations	Total: Applications	Total: Originations
Jan 2004	$91	$57	$48	$43	$5	$0	$175	$79	$71	$67	$3	$0	$0	$7	$1	$0	$8	$4	$4	$3	$278	$143
Feb 2004	$94	$62	$52	$46	$5	$0	$202	$107	$98	$93	$4	$0	$0	$8	$2	$0	$10	$5	$4	$4	$311	$177
Mar 2004	$129	$87	$74	$66	$7	$1	$268	$151	$138	$132	$6	$1	$0	$10	$2	$0	$13	$6	$6	$5	$416	$248
Apr 2004	$138	$97	$81	$73	$7	$1	$290	$178	$164	$158	$6	$1	$0	$11	$2	$0	$13	$7	$6	$5	$446	$286
May 2004	$145	$101	$85	$77	$7	$1	$234	$129	$117	$113	$3	$0	$0	$9	$2	$0	$13	$7	$6	$5	$398	$242
June 2004	$174	$121	$103	$95	$7	$1	$210	$102	$92	$89	$2	$0	$0	$8	$2	$0	$13	$7	$7	$6	$405	$236
July 2004	$164	$110	$93	$86	$7	$1	$185	$78	$69	$67	$1	$0	$0	$7	$2	$0	$12	$6	$6	$5	$368	$199
Aug 2004	$164	$108	$91	$84	$6	$1	$195	$86	$77	$75	$2	$0	$0	$7	$2	$0	$13	$6	$6	$5	$378	$205
Sept 2004	$149	$98	$82	$75	$5	$1	$193	$88	$79	$77	$2	$0	$0	$7	$2	$0	$12	$6	$6	$5	$360	$196
Oct 2004	$146	$95	$79	$73	$5	$1	$209	$99	$89	$87	$2	$0	$0	$7	$2	$0	$13	$7	$6	$5	$374	$205
Nov 2004	$140	$92	$76	$71	$5	$0	$219	$109	$99	$96	$2	$0	$0	$8	$2	$0	$13	$7	$6	$5	$378	$213
Dec 2004	$149	$98	$80	$75	$5	$0	$225	$108	$97	$95	$2	$0	$0	$9	$2	$0	$13	$7	$8	$7	$395	$220
Jan 2005	$116	$71	$57	$53	$3	$0	$196	$88	$79	$76	$2	$0	$0	$7	$2	$0	$15	$6	$5	$4	$332	$169
Feb 2005	$118	$75	$61	$56	$4	$0	$201	$94	$85	$82	$2	$0	$0	$7	$2	$0	$16	$6	$5	$5	$339	$180
Mar 2005	$162	$108	$87	$81	$5	$1	$250	$124	$111	$108	$2	$1	$0	$10	$3	$0	$20	$8	$7	$6	$439	$246
Apr 2005	$172	$111	$89	$83	$5	$1	$226	$102	$91	$88	$1	$0	$0	$8	$3	$0	$19	$8	$7	$6	$424	$227
May 2005	$186	$122	$98	$92	$5	$1	$224	$104	$93	$91	$1	$0	$0	$8	$3	$0	$20	$9	$6	$5	$436	$240
June 2005	$214	$143	$115	$109	$6	$1	$251	$120	$107	$105	$2	$1	$0	$9	$3	$0	$21	$9	$8	$7	$494	$279
July 2005	$194	$128	$103	$97	$5	$1	$252	$127	$114	$112	$2	$0	$0	$10	$3	$0	$20	$9	$7	$6	$473	$271
Aug 2005	$215	$141	$113	$106	$5	$1	$286	$144	$129	$127	$2	$1	$0	$11	$4	$0	$23	$11	$8	$7	$532	$303
Sept 2005	$196	$126	$99	$94	$5	$1	$257	$122	$108	$106	$1	$0	$0	$10	$4	$0	$22	$10	$9	$7	$482	$265
Oct 2005	$179	$111	$87	$83	$4	$1	$260	$126	$111	$110	$1	$0	$0	$10	$4	$0	$20	$10	$7	$6	$465	$252
Nov 2005	$174	$107	$85	$80	$4	$0	$245	$113	$98	$97	$1	$0	$0	$10	$5	$0	$18	$9	$7	$6	$444	$235
Dec 2005	$173	$107	$85	$80	$4	$0	$236	$103	$89	$88	$1	$0	$0	$9	$5	$0	$16	$8	$8	$7	$433	$226
Jan 2006	$137	$78	$60	$56	$3	$0	$213	$86	$74	$73	$1	$0	$0	$8	$4	$0	$15	$7	$6	$5	$372	$176
Feb 2006	$133	$82	$64	$60	$4	$1	$204	$90	$78	$76	$1	$0	$0	$8	$4	$0	$15	$7	$5	$4	$358	$184
Mar 2006	$182	$115	$91	$84	$5	$1	$247	$108	$92	$90	$2	$0	$0	$10	$6	$0	$20	$9	$8	$7	$456	$239
Apr 2006	$162	$102	$82	$76	$5	$1	$214	$94	$80	$78	$1	$0	$0	$9	$5	$0	$18	$8	$5	$4	$400	$209
May 2006	$191	$122	$98	$91	$6	$1	$230	$103	$87	$85	$2	$0	$0	$10	$6	$0	$20	$9	$7	$6	$447	$241
June 2006	$203	$134	$108	$101	$6	$1	$221	$99	$83	$81	$1	$0	$0	$10	$6	$0	$20	$9	$8	$6	$452	$248
July 2006	$174	$109	$88	$83	$5	$1	$207	$90	$76	$74	$1	$0	$0	$8	$6	$0	$18	$9	$6	$5	$405	$212
Aug 2006	$193	$119	$96	$90	$5	$1	$230	$103	$86	$84	$1	$0	$0	$10	$7	$0	$20	$9	$6	$6	$450	$237
Sept 2006	$165	$101	$81	$75	$5	$1	$218	$97	$82	$80	$1	$0	$0	$10	$6	$0	$17	$8	$7	$6	$407	$212
Oct 2006	$165	$97	$77	$72	$4	$1	$254	$115	$98	$96	$2	$0	$0	$11	$6	$0	$19	$9	$6	$5	$444	$226
Nov 2006	$151	$91	$73	$68	$4	$0	$235	$105	$89	$87	$1	$0	$0	$11	$5	$0	$17	$8	$7	$6	$410	$210
Dec 2006	$152	$92	$73	$69	$4	$0	$243	$117	$100	$98	$2	$0	$0	$12	$5	$0	$15	$8	$10	$9	$420	$226
Jan 2007	$121	$67	$53	$50	$3	$0	$226	$101	$86	$84	$1	$0	$0	$10	$4	$0	$16	$7	$7	$6	$370	$181
Feb 2007	$116	$69	$55	$51	$3	$0	$202	$89	$76	$74	$1	$0	$0	$9	$4	$0	$15	$7	$6	$5	$340	$170
Mar 2007	$149	$89	$72	$67	$4	$1	$236	$101	$86	$84	$2	$0	$0	$10	$5	$0	$18	$8	$7	$6	$410	$204
Apr 2007	$135	$84	$69	$64	$4	$1	$224	$100	$86	$84	$2	$0	$0	$10	$4	$0	$18	$8	$8	$7	$385	$200
May 2007	$147	$95	$79	$73	$5	$1	$228	$100	$85	$82	$2	$0	$0	$11	$4	$0	$19	$8	$8	$6	$401	$210
June 2007	$154	$101	$85	$78	$6	$1	$207	$85	$72	$69	$2	$0	$0	$9	$4	$0	$18	$8	$9	$8	$388	$202
July 2007	$145	$91	$77	$70	$6	$1	$197	$77	$65	$62	$2	$0	$0	$8	$4	$0	$17	$7	$8	$7	$367	$182
Aug 2007	$161	$94	$79	$72	$6	$1	$220	$72	$60	$57	$2	$0	$0	$8	$4	$0	$18	$7	$8	$7	$407	$179
Sept 2007	$114	$67	$56	$50	$5	$1	$155	$55	$47	$44	$2	$0	$0	$6	$3	$0	$13	$5	$6	$5	$288	$132
Oct 2007	$114	$67	$56	$50	$6	$1	$171	$68	$58	$54	$4	$0	$0	$7	$3	$0	$14	$6	$7	$6	$306	$146
Nov 2007	$100	$62	$52	$46	$6	$0	$153	$62	$53	$49	$4	$0	$0	$7	$2	$0	$12	$5	$6	$5	$271	$133
Dec 2007	$94	$58	$49	$42	$6	$0	$155	$72	$63	$58	$5	$0	$0	$7	$2	$0	$10	$4	$8	$7	$267	$141
Jan 2008	$78	$43	$36	$31	$5	$0	$159	$65	$57	$52	$5	$0	$0	$6	$1	$0	$10	$3	$5	$4	$251	$116
Feb 2008	$78	$47	$40	$32	$7	$0	$201	$104	$93	$86	$7	$0	$0	$9	$2	$0	$10	$4	$6	$5	$296	$160
Mar 2008	$89	$55	$47	$36	$9	$0	$193	$97	$86	$78	$8	$0	$0	$9	$2	$0	$11	$5	$7	$5	$300	$162
Apr 2008	$95	$58	$49	$36	$12	$0	$184	$86	$76	$67	$9	$0	$0	$8	$2	$0	$12	$5	$6	$5	$297	$154
May 2008	$99	$64	$55	$39	$16	$0	$144	$63	$55	$46	$8	$0	$0	$7	$1	$0	$10	$4	$6	$5	$260	$136
June 2008	$103	$68	$59	$42	$17	$0	$123	$53	$46	$38	$7	$0	$0	$5	$1	$0	$9	$4	$7	$6	$242	$130
July 2008	$102	$65	$57	$39	$18	$0	$107	$40	$35	$27	$7	$0	$0	$4	$1	$0	$9	$3	$6	$5	$225	$114
Aug 2008	$94	$61	$53	$35	$18	$0	$88	$33	$28	$21	$7	$0	$0	$4	$1	$0	$7	$3	$5	$4	$195	$101
Sept 2008	$87	$54	$48	$28	$19	$0	$85	$32	$28	$20	$7	$0	$0	$3	$1	$0	$7	$3	$5	$4	$184	$93
Oct 2008	$84	$50	$44	$27	$16	$0	$102	$43	$39	$29	$9	$0	$0	$4	$1	$0	$7	$3	$5	$4	$197	$100
Nov 2008	$60	$36	$32	$19	$12	$0	$72	$27	$24	$17	$7	$0	$0	$2	$1	$0	$5	$2	$5	$3	$142	$68
Dec 2008	$65	$41	$36	$21	$15	$0	$110	$49	$45	$34	$11	$0	$0	$3	$1	$0	$5	$2	$6	$5	$185	$96
Jan 2009	$46	$27	$24	$13	$10	$0	$180	$99	$93	$77	$16	$0	$0	$5	$1	$0	$5	$2	$3	$2	$234	$130
Feb 2009	$48	$30	$26	$15	$11	$0	$204	$126	$119	$102	$16	$0	$0	$6	$1	$0	$5	$3	$4	$2	$261	$160
Mar 2009	$59	$38	$34	$18	$16	$0	$214	$131	$123	$104	$19	$0	$0	$7	$1	$0	$6	$3	$4	$3	$283	$175
Apr 2009	$60	$40	$36	$19	$17	$0	$222	$131	$123	$102	$21	$0	$0	$7	$1	$0	$6	$3	$5	$4	$293	$179
May 2009	$65	$45	$40	$21	$19	$0	$223	$138	$129	$108	$21	$0	$0	$8	$1	$0	$6	$3	$3	$2	$297	$188
June 2009	$80	$56	$51	$27	$23	$0	$221	$133	$124	$105	$18	$0	$0	$8	$1	$0	$6	$4	$5	$4	$313	$196
July 2009	$83	$58	$53	$28	$24	$0	$176	$98	$91	$75	$15	$0	$0	$7	$1	$0	$6	$3	$4	$2	$268	$162
Aug 2009	$75	$52	$47	$25	$22	$0	$134	$70	$64	$52	$12	$0	$0	$5	$1	$0	$5	$3	$4	$2	$217	$126
Sept 2009	$73	$50	$45	$23	$22	$0	$125	$62	$57	$44	$13	$0	$0	$5	$0	$0	$5	$2	$4	$3	$207	$117
Oct 2009	$75	$52	$47	$23	$24	$0	$134	$71	$65	$51	$14	$0	$0	$5	$0	$0	$4	$2	$3	$2	$216	$127
Nov 2009	$70	$49	$45	$22	$23	$0	$135	$77	$72	$57	$14	$0	$0	$5	$0	$0	$4	$2	$3	$2	$211	$130
Dec 2009	$65	$44	$39	$21	$18	$0	$150	$85	$78	$64	$13	$0	$0	$6	$0	$0	$4	$2	$6	$5	$224	$135
Jan 2010	$46	$28	$25	$14	$11	$0	$123	$68	$62	$54	$8	$0	$0	$5	$0	$0	$3	$2	$3	$2	$175	$100
Feb 2010	$47	$30	$27	$14	$13	$0	$105	$55	$50	$43	$7	$0	$0	$5	$0	$0	$3	$2	$2	$2	$157	$88
Mar 2010	$67	$45	$41	$21	$19	$0	$122	$67	$61	$51	$9	$0	$0	$5	$0	$0	$4	$2	$4	$3	$197	$116
Apr 2010	$73	$50	$46	$23	$22	$0	$109	$60	$54	$46	$8	$0	$0	$5	$0	$0	$4	$2	$3	$2	$189	$114
May 2010	$77	$54	$50	$26	$23	$0	$97	$49	$44	$38	$7	$0	$0	$4	$0	$0	$3	$2	$3	$2	$180	$107
June 2010	$90	$66	$61	$33	$27	$0	$120	$63	$58	$49	$8	$0	$0	$5	$0	$0	$4	$2	$5	$3	$219	$134
July 2010	$62	$42	$37	$22	$15	$0	$141	$79	$73	$63	$10	$0	$0	$5	$0	$0	$4	$2	$5	$3	$211	$126
Aug 2010	$61	$42	$38	$22	$16	$0	$181	$110	$103	$89	$14	$0	$0	$7	$0	$0	$4	$2	$5	$3	$252	$158
Sept 2010	$58	$40	$36	$20	$16	$0	$195	$122	$114	$99	$15	$0	$0	$8	$1	$0	$4	$2	$6	$4	$263	$169
Oct 2010	$54	$37	$32	$18	$14	$0	$207	$132	$123	$107	$16	$0	$0	$8	$1	$0	$4	$3	$5	$4	$269	$175
Nov 2010	$52	$35	$31	$18	$14	$0	$214	$138	$129	$113	$15	$0	$0	$9	$1	$0	$4	$3	$5	$4	$275	$180
Dec 2010	$58	$40	$35	$20	$15	$0	$203	$128	$118	$105	$13	$0	$0	$10	$1	$0	$4	$2	$9	$8	$274	$179
Jan 2011	$43	$28	$24	$14	$10	$0	$155	$93	$85	$75	$9	$0	$0	$8	$0	$0	$3	$2	$4	$3	$207	$126
Feb 2011	$43	$28	$24	$13	$11	$0	$121	$67	$60	$52	$7	$0	$0	$7	$0	$0	$3	$2	$5	$3	$171	$100
Mar 2011	$59	$39	$34	$19	$15	$0	$116	$61	$54	$46	$8	$0	$0	$7	$0	$0	$3	$2	$7	$6	$186	$108
Apr 2011	$58	$40	$35	$19	$15	$0	$94	$50	$44	$38	$6	$0	$0	$5	$0	$0	$3	$2	$6	$4	$161	$96
May 2011	$65	$44	$39	$22	$17	$0	$89	$45	$40	$34	$6	$0	$0	$5	$0	$0	$3	$2	$7	$5	$163	$97
June 2011	$73	$53	$47	$28	$18	$0	$100	$53	$47	$41	$6	$0	$0	$6	$0	$0	$3	$2	$8	$6	$184	$114
July 2011	$64	$46	$41	$25	$16	$0	$99	$56	$50	$44	$6	$0	$0	$6	$0	$0	$3	$2	$6	$4	$172	$109
Aug 2011	$70	$49	$44	$26	$17	$0	$128	$69	$63	$55	$7	$0	$0	$6	$0	$0	$4	$2	$7	$6	$209	$126
Sept 2011	$60	$43	$38	$22	$16	$0	$160	$97	$90	$80	$9	$0	$0	$7	$0	$0	$4	$2	$8	$6	$231	$148
Oct 2011	$55	$38	$33	$19	$14	$0	$176	$112	$104	$92	$11	$0	$0	$8	$0	$0	$4	$2	$7	$6	$242	$158
Nov 2011	$53	$37	$32	$19	$13	$0	$173	$111	$102	$90	$12	$0	$0	$9	$0	$0	$4	$2	$7	$6	$237	$156
Dec 2011	$56	$40	$35	$20	$15	$0	$168	$106	$97	$84	$13	$0	$0	$9	$0	$0	$4	$2	$12	$11	$239	$160
Jan 2012	$43	$28	$25	$14	$10	$0	$160	$97	$89	$76	$12	$0	$0	$8	$0	$0	$3	$2	$7	$5	$214	$133
Feb 2012	$47	$32	$28	$16	$12	$0	$178	$113	$102	$88	$14	$0	$0	$10	$0	$0	$4	$2	$8	$6	$237	$152
Mar 2012	$61	$43	$38	$22	$15	$0	$186	$119	$108	$91	$16	$0	$0	$10	$0	$0	$4	$3	$9	$7	$261	$171
Apr 2012	$65	$46	$40	$24	$16	$0	$170	$106	$96	$81	$15	$0	$0	$10	$0	$0	$4	$2	$9	$6	$248	$161
May 2012	$77	$55	$49	$30	$18	$0	$171	$104	$94	$81	$12	$0	$0	$10	$1	$0	$4	$3	$10	$7	$263	$170
June 2012	$82	$60	$54	$35	$18	$0	$174	$106	$95	$82	$13	$0	$0	$11	$0	$0	$4	$3	$10	$8	$270	$177
July 2012	$78	$56	$50	$33	$17	$0	$189	$118	$106	$91	$15	$0	$0	$11	$0	$0	$4	$3	$9	$7	$280	$183
Aug 2012	$82	$60	$53	$34	$18	$0	$211	$138	$125	$107	$18	$0	$0	$13	$0	$0	$5	$3	$11	$8	$309	$209
Sept 2012	$67	$48	$42	$27	$15	$0	$188	$124	$112	$96	$16	$0	$0	$11	$0	$0	$4	$3	$11	$8	$270	$183
Oct 2012	$72	$50	$44	$28	$16	$0	$225	$147	$133	$113	$20	$0	$0	$14	$0	$0	$5	$3	$12	$9	$313	$210
Nov 2012	$67	$49	$42	$27	$15	$0	$201	$133	$120	$101	$18	$0	$0	$13	$0	$0	$5	$3	$12	$9	$285	$194
Dec 2012	$67	$49	$43	$28	$15	$0	$209	$140	$126	$106	$19	$0	$0	$14	$0	$0	$5	$3	$15	$13	$296	$205
Jan 2013	$55	$36	$32	$20	$12	$0	$211	$138	$123	$104	$19	$0	$0	$14	$0	$0	$4	$3	$9	$6	$279	$183
Feb 2013	$55	$37	$33	$21	$12	$0	$188	$124	$110	$92	$17	$0	$0	$14	$0	$0	$4	$3	$10	$7	$257	$171
Mar 2013	$72	$51	$45	$29	$15	$0	$191	$123	$108	$91	$17	$0	$0	$14	$0	$0	$5	$3	$11	$8	$279	$184
Apr 2013	$84	$59	$52	$35	$17	$0	$189	$118	$104	$87	$17	$0	$0	$13	$0	$0	$5	$3	$11	$8	$290	$189
May 2013	$97	$70	$62	$43	$19	$0	$188	$117	$103	$87	$15	$0	$0	$14	$0	$0	$6	$4	$13	$10	$304	$200
June 2013	$100	$73	$66	$46	$19	$0	$165	$103	$90	$77	$12	$0	$0	$12	$0	$0	$6	$4	$13	$10	$284	$190
July 2013	$107	$77	$69	$49	$19	$0	$153	$92	$80	$70	$10	$0	$0	$12	$0	$0	$6	$4	$13	$9	$279	$182
Aug 2013	$103	$74	$66	$47	$19	$0	$122	$69	$59	$52	$7	$0	$0	$9	$0	$0	$5	$3	$14	$10	$244	$156
Sept 2013	$86	$61	$54	$38	$16	$0	$94	$50	$42	$37	$5	$0	$0	$7	$0	$0	$5	$3	$13	$9	$198	$123
Oct 2013	$85	$59	$52	$37	$15	$0	$90	$45	$38	$33	$5	$0	$0	$7	$0	$0	$4	$3	$14	$10	$194	$117
Nov 2013	$72	$52	$46	$32	$14	$0	$79	$42	$36	$31	$5	$0	$0	$6	$0	$0	$4	$2	$13	$9	$168	$104
Dec 2013	$76	$55	$49	$34	$14	$0	$80	$44	$37	$32	$5	$0	$0	$6	$0	$0	$4	$2	$15	$12	$174	$113
Jan 2014	$60	$40	$35	$24	$11	$0	$72	$35	$30	$26	$4	$0	$0	$5	$0	$0	$4	$2	$10	$6	$146	$84
Feb 2014	$59	$40	$35	$24	$11	$0	$63	$31	$26	$22	$4	$0	$0	$5	$0	$0	$4	$2	$10	$7	$135	$79
Mar 2014	$75	$52	$46	$32	$14	$0	$71	$37	$31	$26	$5	$0	$0	$5	$0	$0	$5	$2	$11	$7	$162	$98
Apr 2014	$86	$60	$53	$37	$16	$0	$73	$37	$31	$26	$5	$0	$0	$5	$0	$0	$5	$3	$11	$8	$175	$107
May 2014	$98	$71	$63	$45	$18	$0	$70	$36	$31	$25	$5	$0	$0	$5	$0	$0	$5	$3	$13	$9	$186	$118
June 2014	$107	$79	$71	$51	$19	$0	$78	$42	$34	$29	$6	$0	$0	$8	$0	$0	$5	$3	$13	$10	$204	$134
July 2014	$108	$79	$71	$51	$20	$0	$81	$43	$37	$31	$6	$0	$0	$5	$0	$0	$5	$3	$13	$10	$207	$135
Aug 2014	$100	$74	$66	$47	$18	$0	$80	$44	$37	$31	$6	$0	$0	$6	$0	$0	$5	$3	$11	$9	$196	$130
Sept 2014	$93	$67	$59	$41	$17	$0	$82	$46	$40	$33	$6	$0	$0	$5	$0	$0	$5	$3	$14	$11	$196	$127
Oct 2014	$95	$68	$60	$42	$18	$0	$90	$48	$42	$34	$7	$0	$0	$6	$0	$0	$6	$3	$14	$11	$205	$130
Nov 2014	$75	$55	$48	$33	$14	$0	$86	$51	$45	$37	$8	$0	$0	$5	$0	$0	$5	$3	$12	$9	$178	$118
Dec 2014	$86	$64	$57	$39	$17	$0	$123	$83	$55	$46	$9	$0	$0	$28	$0	$0	$5	$3	$19	$16	$234	$167
Jan 2015	$63	$43	$37	$26	$11	$0	$98	$53	$47	$39	$8	$0	$0	$5	$0	$0	$5	$3	$13	$10	$178	$108
Feb 2015	$66	$46	$40	$27	$13	$0	$125	$77	$71	$55	$16	$0	$0	$6	$0	$0	$5	$3	$11	$9	$207	$135
Mar 2015	$92	$66	$58	$39	$19	$0	$148	$96	$87	$69	$18	$0	$0	$8	$0	$0	$7	$5	$16	$13	$263	$179
Apr 2015	$101	$73	$65	$43	$21	$0	$130	$79	$71	$55	$16	$0	$0	$7	$0	$0	$7	$4	$17	$13	$256	$169
May 2015	$111	$82	$73	$50	$23	$0	$117	$71	$64	$50	$14	$0	$0	$6	$0	$0	$7	$4	$17	$12	$252	$169
June 2015	$132	$99	$89	$61	$27	$0	$117	$69	$62	$48	$13	$0	$0	$7	$0	$0	$8	$5	$18	$13	$276	$186
July 2015	$130	$97	$87	$60	$27	$0	$105	$57	$51	$40	$11	$0	$0	$6	$0	$0	$8	$5	$15	$11	$258	$170
Aug 2015	$117	$86	$78	$53	$24	$0	$101	$52	$47	$36	$10	$0	$0	$5	$0	$0	$7	$4	$16	$13	$241	$156
Sept 2015	$111	$81	$72	$48	$23	$0	$106	$55	$49	$39	$10	$0	$0	$5	$0	$0	$7	$4	$16	$11	$239	$152
Oct 2015	$105	$75	$67	$44	$22	$0	$112	$57	$52	$41	$10	$0	$0	$5	$0	$0	$7	$4	$17	$13	$242	$150
Nov 2015	$84	$60	$53	$35	$17	$0	$101	$52	$47	$37	$9	$0	$0	$5	$0	$0	$6	$4	$14	$10	$206	$126
Dec 2015	$101	$74	$66	$44	$21	$0	$109	$56	$50	$40	$10	$0	$0	$6	$0	$0	$7	$4	$22	$19	$239	$154
Jan 2016	$76	$52	$46	$31	$15	$0	$97	$48	$43	$33	$9	$0	$0	$5	$0	$0	$6	$3	$17	$13	$196	$116
Feb 2016	$82	$55	$49	$32	$16	$0	$114	$55	$49	$38	$11	$0	$0	$5	$0	$0	$6	$4	$14	$9	$216	$123
Mar 2016	$107	$76	$67	$44	$22	$0	$152	$79	$72	$56	$16	$0	$0	$6	$0	$0	$8	$5	$14	$10	$281	$170
Apr 2016	$114	$82	$74	$49	$24	$0	$136	$73	$66	$52	$14	$0	$0	$6	$0	$0	$8	$5	$14	$11	$273	$171
May 2016	$130	$95	$86	$58	$27	$0	$134	$72	$66	$51	$15	$0	$0	$6	$0	$0	$9	$5	$15	$12	$288	$184
June 2016	$149	$110	$100	$69	$30	$0	$141	$73	$66	$51	$15	$0	$0	$7	$0	$0	$9	$6	$19	$16	$319	$205
July 2016	$130	$96	$87	$60	$26	$0	$137	$70	$64	$49	$15	$0	$0	$6	$0	$0	$9	$5	$15	$12	$290	$183
Aug 2016	$139	$101	$91	$63	$28	$0	$184	$104	$96	$76	$20	$0	$0	$8	$0	$0	$11	$7	$19	$15	$353	$228
Sept 2016	$122	$90	$80	$54	$25	$0	$168	$100	$92	$73	$19	$0	$0	$8	$0	$0	$11	$7	$18	$15	$319	$212
Oct 2016	$113	$82	$73	$50	$23	$0	$170	$100	$92	$73	$19	$0	$0	$8	$0	$0	$11	$7	$16	$13	$310	$203
Nov 2016	$107	$79	$70	$48	$22	$0	$162	$95	$86	$68	$18	$0	$0	$8	$0	$0	$10	$7	$17	$15	$297	$195
Dec 2016	$112	$84	$74	$50	$23	$0	$154	$85	$77	$61	$15	$0	$0	$8	$0	$0	$11	$7	$20	$17	$296	$192
Jan 2017	$89	$61	$53	$36	$17	$0	$111	$60	$53	$43	$10	$0	$0	$6	$0	$0	$9	$5	$16	$11	$225	$137
Feb 2017	$87	$59	$52	$34	$17	$0	$89	$46	$41	$31	$9	$0	$0	$5	$0	$0	$8	$4	$14	$10	$198	$119
Mar 2017	$124	$87	$77	$52	$24	$0	$97	$48	$42	$32	$10	$0	$0	$6	$0	$0	$9	$5	$20	$14	$250	$154
Apr 2017	$120	$86	$77	$53	$23	$0	$83	$41	$36	$28	$8	$0	$0	$5	$0	$0	$8	$4	$15	$11	$226	$142
May 2017	$147	$107	$96	$67	$28	$0	$94	$46	$41	$31	$9	$0	$0	$5	$0	$0	$10	$5	$19	$12	$269	$170
June 2017	$163	$121	$109	$77	$30	$0	$93	$46	$41	$31	$10	$0	$0	$5	$0	$0	$10	$5	$25	$18	$291	$191
July 2017	$138	$102	$92	$65	$26	$0	$89	$46	$41	$31	$9	$0	$0	$5	$0	$0	$10	$5	$17	$11	$253	$165
Aug 2017	$148	$108	$97	$68	$27	$1	$102	$53	$47	$36	$10	$0	$0	$5	$0	$0	$11	$6	$23	$16	$284	$183
Sept 2017	$124	$92	$81	$57	$23	$0	$97	$52	$46	$36	$10	$0	$0	$5	$0	$0	$10	$6	$19	$15	$250	$164
Oct 2017	$126	$91	$80	$57	$23	$0	$108	$60	$54	$43	$11	$0	$0	$5	$0	$0	$11	$6	$20	$15	$265	$172
Nov 2017	$117	$85	$75	$53	$21	$0	$100	$53	$48	$37	$10	$0	$0	$5	$0	$0	$10	$6	$25	$18	$251	$162
Dec 2017	$118	$88	$78	$55	$22	$0	$94	$53	$47	$36	$11	$0	$0	$5	$0	$0	$9	$6	$26	$20	$247	$166

How Much do Lenders Make Per Originated Loan?

Loan production expenses have increased significantly due to tigher regulation after the 2008-2009 financial crisis. The MBA stated loan production expenses rose to $8,278 in 2018 from $8,028 in 2017. Lenders have averaged around $1000 of profit per loan over the past decade, with tighter margins recently as net income fell from 31 basis points in 2017 to 14 basis points in 2018.

“Since the inception of the Annual Performance Report in 2008, net production income by year has averaged 49 bps ($1,020 per loan).” … “In basis points, the average production profit (net production income) was 14 basis points in 2018, compared to 31 basis points in 2017. In the first half of 2018, net production income averaged 18 basis points, then dropped to 9 basis points in the second half of 2018,” reports Marina Walsh of the MBA.

How Common is Home Foreclosure?

Foreclosure is quite uncommon. In the wake of the 2008-2009 global recession which was driven in large part by a housing crash much of the damage was concentrated on the states of Arizona, California, Florida & Nevada.

The above spike was driven by the combination of a housing price crash, a global recession, and many consumers levering up by refinancing during the housing boom.

In states like California with high real estate prices homeowners carry a higher debt load against their homes.

The number of bankruptcy filings vastly exceeds the number of foreclosures.

Homeowners are far more likely to fall behind on credit card or student loan payments than they are to fall behind on car or home loans.

From 1931 to 1935 in the Great Depression the foreclosure rate exceeded 1%. Between 2007 & 2016 over 7.7 million homes were foreclosed upon. Over 1.1 million foreclosures occured across California, while Florida had 960,000 foreclosures. Foreclosures were more prevanent in housing boom cities like Miami & Las Vegas.

Over 3.4 million homeowners lowered foreclosure risk by modifying their loans under the HARP program.

There are over 134 million housing units across the United States. In the decade following the Great Recession about 5.8% of homes were foreclosed upon.

Prior to the crisis period about 1,000,000 homes were foreclosed upon each year according to the Mortgage Bankers Association.

How Much Equity do Homeowners Have?

The IMF estimated the GDP of the world at $86.927 trillion in 2018, or $134.981 trillion on a purchasing power parity basis.

The global real estate market accounts for about 60% of all mainstream assets & was worth $280.6 trillion at the end of 2017. Residential property represents $220.6 trillion of that market according to a study done by Savills World Research. At the end of 2016 the median global home value was $82,000 across the 2.05 billion households in the world.

After the Great Recession many United States homeowners were in negative equity, with 26% of mortgaged properties having negative equity in the third quarter of 2009. As of the end of the second quarter of 2018 only 2.2 million homes, or 4.3% of mortgaged properties remained in negative equity. CoreLogic estimated that in the second quarter of 2018 U.S. homeowners saw an average increase of equity of $16,200 for the past 12 months, while key states like California increased by as much as $48,000.

Over the past 12 months homeowners saw an average equity increase of 12.3%, for a total increase of $980.9 billion. Key metro areas appreciated faster than the broader market, leaving nearly half of the nation's largest 50 markets overvalued. The 63% of homes across the United States with active mortgages now have around $8.956 trillion in equity. The other 37% of homes are owned outright. The US residential real estate market was valued at $31.8 trillion at the end of 2017.

Credit card holders typically carry a relatively small balance relative to their spending limit. In recent years HELOC borrowers tended to use about half their loan limit on average.

What Percent of Consumer Debt is Mortgage Debt?

Despite the decline in the American housing market after the 2008 - 2009 recession, home secured debt still makes up more than 2/3 of all consumer debt in the United States. That includes new and existing mortgages, as well as second mortgages. As of 2013, and the latest US census, mortgage and home secured debt stood at just over 8.5 trillion dollars; a 12% drop from peak levels recorded in the last quarter of 2008.

Households were spending 13.22% of personal disposable income on debt service payments in Q4 of 2007. This has fallen to 9.84% at the end of Q2 2018 aided in part by lower interest rates in response to the 2008-2009 crisis and debt levels which fell relative to GDP. In early 2008 household debt to GDP reached 99.19% & had fallen to 80.1% by the end of 2016.

In recent years consumers have opened millions of new credit card accounts & took on millions of new auto loans, but the number of mortgages & home equity lines have declined slightly.

Looking specifically at mortgage debt, in Q4 of 2007 homeowners were paying 7.22% of personal disposable income on mortgage debt service payments. That number had fallen to 4.24% by the end of Q2 in 2018.

In Q4 of 2017 total mortgage debt outstanding exceeded the Q2 2008 peak, though in real terms the total is still significantly lower if adjusted for a decade of inflation.

As of the end of 2018 Q2 mortgage debt & home equity debt comprised 71% of total household debt.

Here is an HTML table which contains the data in the above graph. Data shown in the below table is in billions of United States Dollars at the end of each quarter.

Date	Mortgage	Home Equity	Auto	Credit Card	Student	Other	Total
2003 Q1	4,942	242	641	688	241	478	7,231
2003 Q2	5,080	260	622	693	243	486	7,384
2003 Q3	5,183	269	684	693	249	477	7,555
2003 Q4	5,660	302	704	698	253	449	8,066
2004 Q1	5,840	328	720	695	260	447	8,289
2004 Q2	5,967	367	743	697	263	423	8,460
2004 Q3	6,210	426	751	706	330	410	8,833
2004 Q4	6,360	468	728	717	346	423	9,042
2005 Q1	6,512	502	725	710	364	394	9,207
2005 Q2	6,696	528	774	717	374	402	9,492
2005 Q3	6,906	541	830	732	378	405	9,792
2005 Q4	7,102	565	792	736	392	416	10,002
2006 Q1	7,436	582	788	723	435	418	10,382
2006 Q2	7,760	590	796	739	439	423	10,747
2006 Q3	8,045	603	821	754	447	442	11,111
2006 Q4	8,234	604	821	767	482	406	11,313
2007 Q1	8,422	605	794	764	506	404	11,495
2007 Q2	8,706	619	807	796	514	408	11,850
2007 Q3	8,925	631	818	817	529	413	12,133
2007 Q4	9,101	647	815	839	548	422	12,372
2008 Q1	9,234	663	808	837	579	415	12,537
2008 Q2	9,273	679	810	850	586	401	12,599
2008 Q3	9,294	692	809	858	611	412	12,675
2008 Q4	9,257	705	791	866	639	412	12,670
2009 Q1	9,135	714	766	843	663	409	12,530
2009 Q2	9,063	713	743	824	675	389	12,407
2009 Q3	8,944	708	739	812	695	382	12,279
2009 Q4	8,843	706	722	795	721	379	12,166
2010 Q1	8,834	695	705	762	758	363	12,117
2010 Q2	8,703	683	702	744	762	349	11,943
2010 Q3	8,609	673	710	731	778	343	11,844
2010 Q4	8,452	668	711	730	812	341	11,713
2011 Q1	8,544	641	706	696	839	329	11,754
2011 Q2	8,516	625	713	694	851	330	11,730
2011 Q3	8,402	639	730	693	870	327	11,661
2011 Q4	8,268	627	734	704	874	330	11,537
2012 Q1	8,187	612	737	679	904	319	11,436
2012 Q2	8,147	589	750	672	914	312	11,384
2012 Q3	8,028	573	768	674	956	311	11,310
2012 Q4	8,033	563	783	679	966	317	11,341
2013 Q1	7,932	552	794	660	986	307	11,231
2013 Q2	7,841	540	814	668	994	296	11,153
2013 Q3	7,897	535	845	672	1,027	304	11,280
2013 Q4	8,049	529	863	683	1,080	317	11,521
2014 Q1	8,165	526	875	659	1,111	314	11,650
2014 Q2	8,096	521	905	669	1,118	323	11,632
2014 Q3	8,131	512	934	680	1,126	327	11,710
2014 Q4	8,170	510	955	700	1,157	335	11,827
2015 Q1	8,171	510	968	684	1,189	329	11,851
2015 Q2	8,116	499	1,006	703	1,190	339	11,853
2015 Q3	8,260	492	1,045	714	1,203	351	12,065
2015 Q4	8,249	487	1,064	733	1,232	351	12,116
2016 Q1	8,369	485	1,071	712	1,261	354	12,252
2016 Q2	8,362	478	1,103	729	1,259	356	12,287
2016 Q3	8,350	472	1,135	747	1,279	367	12,350
2016 Q4	8,480	473	1,157	779	1,310	377	12,576
2017 Q1	8,627	456	1,167	764	1,344	367	12,725
2017 Q2	8,691	452	1,190	784	1,344	378	12,839
2017 Q3	8,743	448	1,213	808	1,357	386	12,955
2017 Q4	8,882	444	1,221	834	1,378	389	13,148
2018 Q1	8,939	436	1,229	815	1,407	385	13,211
2018 Q2	8,999	432	1,238	829	1,405	390	13,293

What Percent of Mortgage Applications Are Approved vs Rejected?

The approval rate for mortgages depends on many factors including the credit quality of the borrower, the loan to value (LTV) ratio, the strenght of the local market & broader industry trends.

Year	Applications	Closed	% Approved	Rejections	% Rejected
2007	26,605,695	10,441,545	39.25%	16,164,150	60.75%
2008	17,391,570	7,177,262	41.27%	10,214,308	58.73%
2009	19,493,491	8,950,936	45.92%	10,542,555	54.08%
2010	16,348,557	7,863,337	48.10%	8,485,220	51.90%
2011	14,873,415	7,095,262	47.70%	7,778,153	52.30%
2012	18,691,551	9,783,966	52.34%	8,907,585	47.66%
2013	17,016,159	8,706,657	51.17%	8,309,502	48.83%
2014	11,875,464	5,979,766	50.35%	5,895,698	49.65%

This data can be broken down by purchase, refinance, home improvement & multifamily.

Year	Purchase Apps	Purch Loans	Refi Apps	Refi Loans	Home improvemen Apps	H I Loans	Multifamily Apps	Multifamily Loans	Total Apps	Total Loans
2004	9,804	6,437	16,085	7,591	2,200	964	61	48	28,151	15,040
2005	11,685	7,391	15,907	7,107	2,544	1,096	58	45	30,193	15,638
2006	10,929	6,740	14,046	6,091	2,481	1,140	52	40	27,508	14,011
2007	7,609	4,663	11,566	4,818	2,218	958	54	41	21,448	10,480
2008	5,060	3,139	7,805	3,491	1,413	573	43	31	14,320	7,234
2009	4,217	2,793	9,983	5,772	832	390	26	19	15,057	8,974
2010	3,848	2,547	8,437	4,971	671	342	26	19	12,981	7,879
2011	3,650	2,430	7,422	4,330	675	335	35	27	11,782	7,122
2012	4,023	2,742	10,526	6,668	779	382	47	37	15,375	9,828
2013	4,586	3,139	8,564	5,141	833	425	51	40	14,034	8,744
2014	4,679	3,248	4,526	2,370	846	411	46	35	10,097	6,064
2015	5,196	3,676	5,957	3,234	926	477	52	41	12,132	7,428
2016	5,694	4,046	7,187	3,759	1,005	536	50	40	13,937	8,381
2017	6,018	4,237	4,938	2,516	1,052	548	48	38	12,056	7,339

The following tables list historical rejection data by year for purchase loans & refinance.

First lien purcahse rejection rate

Loan type & borrower race & ethnicity	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
Conventional and nonconventional: All applicants	14.4%	16.0%	18.0%	18.7%	18.0%	15.5%	15.6%	15.8%	14.9%	14.4%	13.3%	12.1%	11.5%	10.8%
Conventional and nonconventional: Asian	13.7%	15.9%	16.9%	17.5%	19.2%	16.3%	15.9%	16.5%	15.8%	15.3%	14.1%	12.7%	11.6%	10.6%
Conventional and nonconventional: Black or African American	23.6%	26.5%	30.3%	33.5%	30.6%	25.5%	24.9%	26.0%	26.0%	25.5%	23.0%	20.8%	19.8%	18.4%
Conventional and nonconventional: Hispanic white	18.3%	21.1%	25.1%	29.5%	28.3%	22.2%	21.8%	21.1%	20.2%	20.5%	18.4%	16.2%	15.0%	13.5%
Conventional and nonconventional: Non-Hispanic white	11.1%	12.2%	12.9%	13.3%	14.0%	12.8%	13.0%	13.1%	12.5%	12.0%	11.1%	10.0%	9.5%	8.8%
Conventional and nonconventional: Other minority	19.4%	20.8%	24.0%	26.7%	25.5%	21.2%	22.0%	20.9%	20.8%	21.2%	19.0%	17.2%	16.6%	14.8%
Conventional only: All applicants	14.6%	16.3%	18.5%	19.0%	18.3%	15.8%	15.2%	15.1%	13.6%	12.9%	11.9%	10.8%	10.2%	9.6%
Conventional only: Asian	13.7%	16.0%	17.1%	17.5%	19.1%	15.8%	14.9%	15.5%	14.4%	14.2%	13.3%	11.9%	10.9%	10.1%
Conventional only: Black or African American	25.0%	27.8%	31.9%	35.7%	37.6%	35.8%	33.7%	33.2%	32.0%	28.5%	25.1%	23.3%	22.0%	19.3%
Conventional only: Hispanic white	18.6%	21.4%	25.7%	30.5%	32.5%	26.9%	24.9%	24.2%	22.4%	21.5%	18.9%	17.2%	15.4%	13.5%
Conventional only: Non-Hispanic white	11.2%	12.3%	13.2%	13.3%	14.1%	13.3%	12.9%	12.7%	11.6%	10.8%	9.9%	9.1%	8.5%	7.9%
Conventional only: Other minority	19.7%	21.2%	24.8%	27.8%	29.0%	25.9%	28.1%	24.6%	23.6%	22.5%	20.2%	18.2%	16.8%	14.9%
Nonconventional only: All applicants	13.3%	12.5%	12.1%	16.2%	17.4%	15.3%	16.0%	16.5%	16.3%	16.8%	15.8%	13.9%	13.4%	12.8%
Nonconventional only: Asian	12.6%	11.6%	10.6%	15.5%	20.2%	17.7%	18.7%	19.3%	20.2%	20.6%	18.9%	16.2%	14.9%	14.1%
Nonconventional only: Black or African American	17.7%	16.8%	16.2%	22.8%	25.3%	22.6%	22.7%	23.9%	24.0%	24.1%	21.9%	19.7%	18.8%	17.9%
Nonconventional only: Hispanic white	16.3%	17.2%	15.7%	20.5%	23.1%	20.4%	20.7%	19.9%	19.3%	19.9%	18.0%	15.6%	14.7%	13.4%
Nonconventional only: Non-Hispanic white	10.7%	10.2%	10.0%	13.1%	13.9%	12.5%	13.0%	13.6%	13.7%	14.1%	13.4%	11.7%	11.2%	10.6%
Nonconventional only: Other minority	16.8%	16.3%	15.2%	18.6%	20.9%	18.7%	18.7%	18.8%	18.9%	20.1%	17.9%	16.2%	16.4%	14.7%

Refinancing rejection rate

Loan type & borrower race & ethnicity	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
Conventional and nonconventional: All applicants	29.5%	32.6%	35.4%	39.6%	37.7%	24.0%	23.3%	23.8%	19.9%	23.3%	31.0%	27.2%	29.9%	26.4%
Conventional and nonconventional: Asian	18.8%	23.5%	27.5%	32.6%	32.5%	21.4%	19.5%	20.1%	17.3%	21.0%	28.1%	23.8%	25.1%	24.8%
Conventional and nonconventional: Black or African American	39.9%	42.2%	44.1%	52.0%	56.0%	42.2%	41.7%	40.0%	32.8%	35.0%	45.8%	43.1%	45.9%	39.0%
Conventional and nonconventional: Hispanic white	28.7%	30.1%	33.2%	43.0%	49.1%	36.4%	33.4%	33.2%	27.5%	29.6%	36.7%	32.5%	33.8%	30.2%
Conventional and nonconventional: Non-Hispanic white	24.1%	26.9%	30.1%	33.7%	32.2%	20.7%	20.6%	21.3%	17.8%	20.5%	27.5%	24.1%	26.9%	22.9%
Conventional and nonconventional: Other minority	33.7%	35.5%	40.6%	52.0%	57.4%	37.3%	35.4%	34.4%	30.0%	32.1%	41.6%	40.1%	44.2%	37.2%
Conventional only: All applicants	30.1%	32.9%	35.6%	39.9%	37.0%	22.1%	21.2%	22.3%	19.4%	22.5%	29.6%	26.4%	28.8%	24.0%
Conventional only: Asian	18.8%	23.5%	27.5%	32.5%	31.5%	20.2%	18.5%	19.4%	17.0%	20.5%	27.2%	23.2%	23.7%	23.5%
Conventional only: Black or African American	41.7%	43.0%	44.7%	53.3%	60.9%	48.6%	41.4%	40.6%	34.8%	36.0%	47.0%	47.7%	52.3%	39.3%
Conventional only: Hispanic white	29.3%	30.2%	33.3%	43.2%	50.2%	38.9%	33.6%	33.5%	28.9%	30.6%	37.3%	34.8%	35.2%	30.0%
Conventional only: Non-Hispanic white	24.6%	27.1%	30.4%	33.9%	31.5%	19.1%	18.9%	20.1%	17.4%	19.9%	26.2%	23.2%	25.7%	20.7%
Conventional only: Other minority	34.5%	35.7%	40.9%	52.6%	59.4%	38.4%	34.8%	34.4%	31.1%	32.6%	40.9%	41.2%	45.9%	34.5%
Nonconventional only: All applicants	15.0%	20.1%	21.9%	31.6%	40.9%	31.1%	33.3%	32.2%	22.2%	26.7%	36.5%	29.6%	33.0%	32.4%
Nonconventional only: Asian	15.0%	20.0%	22.0%	38.5%	48.9%	37.2%	34.2%	32.7%	22.2%	26.9%	37.5%	28.8%	36.7%	34.2%
Nonconventional only: Black or African American	17.5%	23.6%	24.6%	33.7%	43.5%	35.1%	42.2%	39.1%	29.5%	33.1%	43.9%	37.5%	38.8%	38.6%
Nonconventional only: Hispanic white	15.7%	23.6%	26.3%	34.6%	43.4%	31.4%	33.0%	32.3%	23.3%	26.6%	34.5%	27.1%	30.5%	30.5%
Nonconventional only: Non-Hispanic white	12.0%	17.6%	19.7%	28.3%	36.1%	27.4%	29.3%	29.0%	19.7%	23.8%	33.7%	26.9%	31.0%	29.7%
Nonconventional only: Other minority	15.2%	25.8%	22.2%	34.8%	45.4%	34.1%	37.0%	34.4%	26.6%	30.6%	43.8%	37.6%	41.2%	41.7%

This data can be broken down further based on the type of financial institution offering the loan. The following table shows HMDA data for 2017

Institution Size & Loan Purpose	Small bank	Large bank	Credit union	Affiliated mortgage company	Independent mortgage company	All
Number of institutions	1,994	1,117	1,706	99	936	5,852
Applications (thousands)	627	3,490	1,136	351	6,452	12,056
Originations (thousands)	461	2,204	709	254	3,710	7,339
Approval rate	73.5%	63.2%	62.4%	72.4%	57.5%	60.9%
Rejection rate	26.5%	36.8%	37.6%	27.6%	42.5%	39.1%
Purchases (thousands)	13	1,074	17	125	857	2,087
Number of institutions with fewer than 100 loans	870	314	781	28	125	2,118
Institutions with fewer than 100 loans: Originations (thousands)	46.7	16.2	35.8	0.9	4.1	103.7
Number of institutions with fewer than 25 loans	97	43	198	14	69	421
Institutions with fewer than 25 loans: Originations (thousands)	1.6	0.6	2.7	0.0	0.5	5.5
Number of home-purchase loans (thousands)	196	974	237	170	2,017	3,594
Home-purchase loans: Conventional	73.4%	79.6%	85.4%	61.5%	52.8%	63.7%
Home-purchase loans: Higher-priced share of conventional loans	9.5%	2.7%	4.3%	3.1%	4.6%	4.2%
Home-purchase loans: LMI borrower	28.3%	22.0%	25.3%	28.7%	28.1%	26.3%
Home-purchase loans: LMI neighborhood	13.6%	13.3%	14.8%	15.3%	17.9%	16.1%
Home-purchase loans: Non-Hispanic White	80.0%	67.7%	67.0%	68.0%	61.5%	64.9%
Home-purchase loans: Minority borrower	11.6%	19.4%	16.6%	17.9%	25.0%	21.9%
Home-purchase loans: Sold	76.2%	69.3%	44.9%	94.7%	97.8%	85.2%
Number of refinance loans (thousands)	86	612	209	53	1,210	2,170
Refinance loans: Conventional	86.3%	92.1%	94.8%	87.0%	61.9%	75.1%
Refinance loans: Higher-priced share of conventional loans	9.9%	1.7%	3.0%	0.8%	1.6%	2.1%
Refinance loans: LMI borrower	22.9%	21.7%	25.1%	23.6%	23.1%	22.9%
Refinance loans: LMI neighborhood	11.8%	13.3%	16.0%	12.6%	17.0%	15.5%
Refinance loans: Non-Hispanic white	83.9%	69.5%	67.9%	70.7%	57.5%	63.3%
Refinance loans: Minority borrower	7.8%	17.1%	16.4%	13.4%	19.3%	17.8%
Refinance loans: Sold	63.0%	66.5%	32.2%	94.0%	97.9%	80.9%

Why Are Home Buyer Loan Applications Rejected?

This table shows 2018 loan denial data from HMDA.

Denial Reason	Count	Percent of Denials With a Reason
Collateral	220,014	15.58%
Credit application incomplete	179,330	12.70%
Credit history	392,096	27.77%
Debt-to-income ratio	384,777	27.25%
Employment history	21,008	1.49%
Insufficient cash (downpayment, closing costs)	37,848	2.68%
Mortgage insurance denied	1,277	0.09%
Other	126,294	8.94%
Unverifiable information	49,326	3.49%

The following tables highlights 2017 HMDA data for why first liens were rejected. The first table is for first-lien home purchases, while the second table is for refinance loans.

Home Purchases

Loan type and borrower race and ethnicity	Debt-to-income ratio	Employment history	Credit history	Collateral	Insufficient cash	Unverifiable information	Incomplete credit application	Mortgage insurance denied	Other	No reason given
Conventional and nonconventional: All applicants	22.8%	3.6%	17.0%	14.4%	6.8%	5.8%	10.2%	0.3%	8.9%	27.9%
Conventional and nonconventional: Asian	28.5%	4.5%	9.6%	11.7%	9.0%	10.3%	11.6%	0.3%	9.9%	25.7%
Conventional and nonconventional: Black or African American	25.1%	3.1%	22.7%	10.7%	7.4%	4.7%	6.9%	0.3%	9.3%	30.1%
Conventional and nonconventional: Hispanic white	24.3%	4.1%	14.9%	12.0%	6.8%	7.1%	7.3%	0.3%	10.3%	32.3%
Conventional and nonconventional: Non-Hispanic white	21.6%	3.6%	16.8%	15.5%	6.5%	5.4%	10.0%	0.3%	8.6%	28.5%
Conventional and nonconventional: Other minority	23.9%	3.9%	18.9%	12.2%	7.5%	5.4%	8.4%	0.4%	9.5%	29.3%
Conventional only: All applicants	24.6%	3.2%	16.8%	16.9%	7.6%	6.4%	11.2%	0.4%	8.9%	23.2%
Conventional only: Asian	29.0%	4.3%	9.4%	12.3%	9.6%	10.7%	11.9%	0.3%	10.0%	23.9%
Conventional only: Black or African American	27.2%	2.7%	26.2%	14.4%	8.3%	4.6%	6.9%	0.6%	10.4%	22.2%
Conventional only: Hispanic white	26.4%	3.3%	16.0%	15.0%	8.1%	7.3%	7.3%	0.5%	11.3%	26.7%
Conventional only: Non-Hispanic white	23.6%	3.2%	16.8%	17.8%	7.2%	6.0%	10.9%	0.4%	8.3%	24.1%
Conventional only: Other minority	26.5%	3.8%	21.7%	12.8%	8.4%	6.0%	7.9%	0.7%	10.3%	24.1%
Nonconventional only: All applicants	20.5%	4.1%	17.2%	11.3%	5.9%	5.1%	9.0%	0.1%	8.9%	33.9%
Nonconventional only: Asian	26.0%	5.4%	10.7%	9.0%	6.3%	8.7%	10.2%	0.1%	9.6%	33.5%
Nonconventional only: Black or African American	23.8%	3.4%	20.6%	8.6%	6.9%	4.8%	6.9%	0.1%	8.6%	34.8%
Nonconventional only: Hispanic white	22.6%	4.7%	14.0%	9.5%	5.8%	6.9%	7.4%	0.1%	9.5%	37.0%
Nonconventional only: Non-Hispanic white	18.6%	4.3%	16.8%	12.2%	5.5%	4.6%	8.8%	0.2%	9.1%	34.9%
Nonconventional only: Other minority	21.5%	3.9%	16.3%	11.5%	6.6%	4.8%	8.8%	0.1%	8.8%	34.2%

Refinances

Loan type and borrower race and ethnicity	Debt-to-income ratio	Employment history	Credit history	Collateral	Insufficient cash	Unverifiable information	Incomplete credit application	Mortgage insurance denied	Other	No reason given
Conventional and nonconventional: All applicants	17.9%	0.9%	18.6%	13.3%	2.8%	2.7%	13.7%	0.1%	8.2%	33.8%
Conventional and nonconventional: Asian	27.2%	1.3%	15.9%	9.5%	3.9%	4.8%	11.8%	0.0%	9.1%	32.2%
Conventional and nonconventional: Black or African American	14.5%	0.5%	22.3%	11.1%	3.0%	1.7%	9.1%	0.1%	8.5%	41.6%
Conventional and nonconventional: Hispanic white	23.6%	1.2%	22.8%	9.2%	3.6%	3.8%	9.2%	0.1%	10.4%	33.0%
Conventional and nonconventional: Non-Hispanic white	17.5%	1.0%	18.4%	13.5%	2.7%	2.7%	12.1%	0.1%	8.1%	35.6%
Conventional and nonconventional: Other minority	16.1%	0.8%	19.4%	9.3%	2.7%	2.4%	10.0%	0.0%	9.0%	42.6%
Conventional only: All applicants	22.2%	1.1%	20.7%	13.7%	3.1%	3.3%	13.8%	0.1%	9.0%	27.6%
Conventional only: Asian	30.0%	1.4%	16.2%	9.9%	4.3%	5.3%	11.8%	0.1%	9.4%	28.6%
Conventional only: Black or African American	19.6%	0.6%	27.3%	12.1%	3.1%	2.1%	8.9%	0.1%	10.2%	32.3%
Conventional only: Hispanic white	28.0%	1.2%	25.1%	9.8%	3.9%	4.3%	8.5%	0.1%	11.1%	27.4%
Conventional only: Non-Hispanic white	21.8%	1.1%	20.6%	14.6%	3.0%	3.3%	12.2%	0.1%	8.9%	28.5%
Conventional only: Other minority	21.9%	1.0%	23.9%	10.4%	3.3%	3.1%	10.3%	0.0%	11.0%	31.4%
Nonconventional only: All applicants	9.7%	0.7%	14.7%	12.5%	2.3%	1.6%	13.6%	0.0%	6.7%	45.7%
Nonconventional only: Asian	13.7%	0.8%	14.4%	7.6%	1.9%	2.5%	11.8%	0.0%	7.9%	49.9%
Nonconventional only: Black or African American	8.9%	0.4%	16.7%	10.0%	2.9%	1.3%	9.2%	0.0%	6.7%	51.8%
Nonconventional only: Hispanic white	12.0%	1.0%	16.8%	7.9%	2.9%	2.6%	10.9%	0.1%	8.6%	47.6%
Nonconventional only: Non-Hispanic white	8.5%	0.7%	14.0%	11.4%	2.1%	1.5%	11.9%	0.0%	6.4%	50.2%
Nonconventional only: Other minority	8.1%	0.4%	13.2%	7.8%	1.9%	1.4%	9.7%	0.0%	6.3%	58.0%

How Common is Mortgage Preapproval?

The following tables list mortgage preapproval requests in thousands. The first table lists annual data, while the second table lists monthly data. Between 2004 & 2017 22.41% of preapproval requests were rejected while 77.59% were approved. About 17.86% of prospective homebuyers who were preapproved did not purchase a home using the preapproved loan. Roughly 19.53% of homebuyers sought preapproval before applying for a loan.

Annual Preapproval Data

Year	Purchased loans	Preapproval requests	Approved, not used	Denied
2004	5,142	1,068	167	171
2005	5,868	1,260	166	231
2006	6,236	1,175	189	222
2007	4,821	1,065	197	235
2008	2,935	735	99	177
2009	4,301	559	61	155
2010	3,231	440	53	117
2011	2,939	429	55	130
2012	3,163	474	64	149
2013	2,788	474	69	123
2014	1,800	496	64	125
2015	2,126	531	63	115
2016	2,232	514	60	115
2017	2,087	481	36	107

Monthly Preapproval Data

Month	Purchased loans	Preapproval requests	Approved, not used	Denied
Jan 2004	327	33	4	7
Feb 2004	329	48	4	10
Mar 2004	436	73	6	14
Apr 2004	499	85	9	15
May 2004	465	97	13	16
June 2004	508	117	17	17
July 2004	400	111	19	16
Aug 2004	400	114	20	18
Sept 2004	430	103	19	15
Oct 2004	401	98	19	14
Nov 2004	395	92	17	14
Dec 2004	551	97	19	14
Jan 2005	424	74	10	17
Feb 2005	331	79	9	18
Mar 2005	475	102	11	22
Apr 2005	446	103	12	22
May 2005	452	113	15	22
June 2005	522	121	14	21
July 2005	503	110	15	20
Aug 2005	587	123	16	22
Sept 2005	576	119	18	18
Oct 2005	530	104	16	17
Nov 2005	488	105	14	17
Dec 2005	534	108	17	15
Jan 2006	441	73	12	16
Feb 2006	419	75	10	15
Mar 2006	517	100	12	20
Apr 2006	439	90	12	18
May 2006	499	109	18	19
June 2006	605	121	22	20
July 2006	470	115	22	20
Aug 2006	574	120	21	23
Sept 2006	617	102	16	19
Oct 2006	528	95	15	19
Nov 2006	552	89	16	17
Dec 2006	575	85	15	15
Jan 2007	481	74	15	18
Feb 2007	419	74	12	18
Mar 2007	529	94	14	22
Apr 2007	442	93	17	21
May 2007	452	102	17	23
June 2007	528	104	16	22
July 2007	415	103	17	23
Aug 2007	403	108	20	23
Sept 2007	325	83	17	17
Oct 2007	329	86	19	19
Nov 2007	249	77	18	16
Dec 2007	248	69	16	14
Jan 2008	227	62	15	16
Feb 2008	224	64	13	17
Mar 2008	270	71	12	19
Apr 2008	256	71	12	18
May 2008	233	66	6	15
June 2008	235	69	6	15
July 2008	232	70	7	15
Aug 2008	202	64	7	15
Sept 2008	506	58	6	14
Oct 2008	216	56	6	14
Nov 2008	162	42	5	11
Dec 2008	171	41	4	9
Jan 2009	216	33	4	11
Feb 2009	259	35	4	11
Mar 2009	365	43	4	15
Apr 2009	1,083	45	4	15
May 2009	321	48	4	14
June 2009	372	56	5	16
July 2009	317	58	7	16
Aug 2009	264	53	6	14
Sept 2009	253	51	6	14
Oct 2009	249	51	6	12
Nov 2009	255	46	6	9
Dec 2009	349	41	6	8
Jan 2010	269	30	4	9
Feb 2010	184	32	3	10
Mar 2010	231	44	4	13
Apr 2010	238	48	4	13
May 2010	226	44	4	10
June 2010	261	47	5	10
July 2010	248	34	4	9
Aug 2010	285	35	4	10
Sept 2010	304	33	4	9
Oct 2010	316	31	4	8
Nov 2010	313	30	5	8
Dec 2010	358	33	5	8
Jan 2011	298	25	4	9
Feb 2011	205	28	3	11
Mar 2011	204	37	4	13
Apr 2011	189	36	4	12
May 2011	194	40	4	12
June 2011	233	44	5	13
July 2011	208	39	5	11
Aug 2011	265	42	5	12
Sept 2011	273	37	5	10
Oct 2011	271	36	6	10
Nov 2011	283	32	4	9
Dec 2011	317	34	5	9
Jan 2012	239	28	4	10
Feb 2012	254	33	6	12
Mar 2012	252	38	5	14
Apr 2012	265	40	4	14
May 2012	245	47	6	15
June 2012	247	46	6	14
July 2012	267	46	7	14
Aug 2012	286	46	6	13
Sept 2012	266	38	5	11
Oct 2012	308	41	5	13
Nov 2012	250	36	5	11
Dec 2012	286	35	5	10
Jan 2013	285	30	5	9
Feb 2013	245	29	4	9
Mar 2013	266	37	5	11
Apr 2013	267	43	6	12
May 2013	338	46	6	12
June 2013	240	45	6	11
July 2013	253	49	7	12
Aug 2013	228	47	7	11
Sept 2013	187	40	7	10
Oct 2013	184	40	6	10
Nov 2013	141	33	6	8
Dec 2013	153	34	5	8
Jan 2014	133	30	5	10
Feb 2014	109	31	5	10
Mar 2014	115	38	5	12
Apr 2014	131	43	6	12
May 2014	147	46	6	11
June 2014	157	49	6	11
July 2014	178	49	5	12
Aug 2014	167	46	5	11
Sept 2014	166	45	6	11
Oct 2014	170	45	6	10
Nov 2014	137	35	5	7
Dec 2014	189	38	5	8
Jan 2015	145	31	4	9
Feb 2015	135	32	3	9
Mar 2015	177	43	5	11
Apr 2015	204	46	4	12
May 2015	172	48	5	10
June 2015	208	55	6	11
July 2015	234	55	7	11
Aug 2015	186	49	6	9
Sept 2015	189	47	6	9
Oct 2015	187	45	6	9
Nov 2015	140	37	6	7
Dec 2015	149	42	5	8
Jan 2016	136	31	5	8
Feb 2016	138	34	4	10
Mar 2016	166	43	5	12
Apr 2016	168	45	5	11
May 2016	168	49	6	11
June 2016	202	55	7	11
July 2016	191	49	6	9
Aug 2016	215	51	6	11
Sept 2016	214	43	5	9
Oct 2016	217	39	4	8
Nov 2016	205	37	3	8
Dec 2016	213	38	3	7
Jan 2017	178	30	3	8
Feb 2017	133	30	2	9
Mar 2017	164	42	3	11
Apr 2017	151	40	2	10
May 2017	177	47	3	11
June 2017	195	50	3	10
July 2017	180	44	3	9
Aug 2017	199	47	3	9
Sept 2017	170	40	3	7
Oct 2017	184	40	3	8
Nov 2017	184	37	3	7
Dec 2017	172	35	3	6

What Credit Score is Considered Good?

A credit score of 720 or above is considered good, while a score of 760 or above is considered excellent. Generally buyers who are considering a conventional mortgage should have a credit score of at least 620. VA loans typically require a 620 credit score, though some lenders will loan to borrowers as low as 580. Home buyers who have scores as low as 580 may qualify for FHA loans with a 3.5% down payment. Credit scores as low as 500 can qualify for some FHA loans if they put 10% down. USDA loans typically require a minimum credit score of 640. Borrowers with lower credit scores are typically charged higher interest rates to compensate for the additional credit risk. The term for this is "loan-level pricing." A credit score difference of 100 points can lead to a quarter percent different interest rate. Meaning if your credit score improved 100 points you would be likely to get a discount on the loan APR of 0.25%.

The following graphics show a breakdown of recent mortgages by credit score & the scores associated with various percentiles.

Which Entities Originate the Most Mortgages?

Here are the top 25 loan originators for 2017 based on HMDA data with their home loan volumes published in thousands. The first table shows aggregate data, while the second table shows home purchase loans& the third table shows data for refinances.

Total Mortgage Originations

Financial Institution	Classification	Loan Originations	Total Purchases
Quicken Loans	Independent Mortgage Company	396	0
Wells Fargo Bank, NA	Large bank	312	481
JPMorgan Chase Bank, NA	Large bank	155	189
loanDepot.com, LLC	Independent Mortgage Company	135	0
Caliber Home Loans, Inc.	Independent Mortgage Company	118	48
Bank of America, NA	Large bank	111	24
United Shore Financial Service	Independent Mortgage Company	105	0
US Bank, NA	Large bank	96	133
Fairway Independent Mort Corp	Independent Mortgage Company	90	0
Flagstar Bank, FSB	Large bank	87	37
Freedom Mortgage Corporation	Independent Mortgage Company	80	95
Navy Federal Credit Union	Credit union	71	0
Guild Mortgage Company	Independent Mortgage Company	66	2
Nationstar Mortgage	Independent Mortgage Company	65	24
USAA Federal Savings Bank	Large bank	63	0
PrimeLending	Affiliated mortgage company	60	1
Guaranteed Rate, Inc.	Independent Mortgage Company	60	0
Movement Mortgage, LLC	Independent Mortgage Company	60	0
PNC Bank, NA	Large bank	58	0
Finance of America Mortgage	Independent Mortgage Company	54	0
HomeBridge Financial Services	Independent Mortgage Company	48	0
Stearns Lending	Independent Mortgage Company	47	13
Mortgage Research Center	Independent Mortgage Company	46	0
Academy Mortgage Corporation	Independent Mortgage Company	44	1
DITECH Financial LLC	Independent Mortgage Company	40	42
Top 25 institutions	...	2,465	1,091
All institutions	...	7,339	2,087

Home Purchase Loans

Lender	Institution type	Loans	Conventional	Higher-priced	LMI borrower	LMI neighborhood	Non-Hispanic white	Minority borrower	Sold
Quicken Loans	Independent mortgage company	105	64.9%	0.6%	28.3%	17.4%	48.7%	11.8%	99.9%
Wells Fargo Bank, NA	Large bank	136	90.3%	3.1%	16.2%	12.1%	64.2%	21.9%	73.3%
JPMorgan Chase Bank, NA	Large bank	56	96.8%	0.6%	13.5%	10.8%	59.5%	26.0%	60.5%
loanDepot.com, LLC	Independent mortgage company	40	57.1%	4.7%	19.6%	16.6%	52.4%	29.9%	99.1%
Caliber Home Loans, Inc.	Independent mortgage company	78	57.1%	7.7%	29.0%	19.0%	58.9%	26.9%	99.7%
Bank of America, NA	Large bank	45	93.9%	0.2%	13.3%	11.1%	54.6%	30.1%	31.3%
United Shore Financial Service	Independent mortgage company	56	81.8%	2.1%	26.8%	17.8%	59.9%	30.5%	99.8%
US Bank, NA	Large bank	35	85.3%	0.7%	25.1%	13.9%	72.0%	15.3%	76.1%
Fairway Independent Mort Corp	Independent mortgage company	67	56.5%	5.5%	30.4%	17.7%	72.1%	19.7%	99.9%
Flagstar Bank, FSB	Large bank	46	55.7%	2.8%	25.0%	15.7%	62.8%	27.7%	95.4%
Freedom Mortgage Corporation	Independent mortgage company	21	37.8%	1.9%	27.1%	18.7%	55.9%	31.0%	99.4%
Navy Federal Credit Union	Credit union	36	38.1%	22.9%	19.4%	13.9%	54.6%	25.9%	56.6%
Guild Mortgage Company	Independent mortgage company	44	52.1%	6.0%	28.6%	20.8%	57.8%	21.0%	99.9%
Nationstar Mortgage	Independent mortgage company	1	79.1%	1.7%	14.2%	13.3%	61.6%	17.6%	92.1%
USAA Federal Savings Bank	Large bank	44	34.5%	0.3%	15.3%	12.5%	65.8%	15.6%	99.6%
PrimeLending	Affiliated mortgage company	45	60.5%	5.6%	29.1%	16.2%	68.6%	18.6%	98.8%
Guaranteed Rate, Inc.	Independent mortgage company	39	75.9%	2.0%	21.7%	15.6%	69.2%	18.1%	100.0%
Movement Mortgage, LLC	Independent mortgage company	48	51.9%	7.7%	32.9%	19.2%	67.6%	24.3%	99.9%
PNC Bank, NA	Large bank	16	80.9%	0.0%	28.2%	14.2%	61.0%	14.8%	78.3%
Finance of America Mortgage	Independent mortgage company	33	54.7%	3.5%	23.7%	20.2%	60.4%	22.8%	99.7%
HomeBridge Financial Services	Independent mortgage company	28	52.0%	3.5%	25.3%	19.1%	53.8%	32.4%	99.8%
Stearns Lending	Independent mortgage company	29	50.3%	3.2%	25.4%	18.9%	57.9%	29.2%	100.0%
Mortgage Research Center	Independent mortgage company	40	1.4%	0.2%	27.6%	15.9%	62.1%	22.1%	100.0%
Academy Mortgage Corporation	Independent mortgage company	31	53.0%	9.9%	29.8%	19.3%	68.8%	22.4%	99.8%
DITECH Financial LLC	Independent mortgage company	4	65.2%	1.7%	25.0%	15.9%	63.3%	27.6%	99.6%
Top 25 institutions	...	1,124	63.8%	3.5%	24.0%	16.0%	61.1%	22.7%	89.1%
All institutions	...	3,594	63.7%	4.2%	26.3%	16.1%	64.9%	21.9%	85.2%

Mortgage Refinance Lenders

Lender	Institution type	Loans	Conventional	Higher-priced	LMI borrower	LMI neighborhood	Non-Hispanic white	Minority borrower	Sold
Quicken Loans	Independent mortgage company	269	70.7%	0.1%	27.9%	16.2%	41.8%	9.4%	99.9%
Wells Fargo Bank, NA	Large bank	101	93.7%	1.8%	22.2%	14.5%	64.6%	21.3%	87.5%
JPMorgan Chase Bank, NA	Large bank	72	94.4%	0.9%	22.3%	13.4%	65.5%	21.8%	76.4%
loanDepot.com, LLC	Independent mortgage company	83	51.9%	3.4%	27.3%	17.1%	63.1%	18.2%	99.1%
Caliber Home Loans, Inc.	Independent mortgage company	26	70.4%	2.4%	20.8%	15.7%	63.3%	21.4%	99.9%
Bank of America, NA	Large bank	47	99.6%	0.4%	19.4%	13.4%	60.6%	24.9%	41.5%
United Shore Financial Service	Independent mortgage company	37	83.9%	0.3%	18.2%	15.2%	60.2%	28.8%	99.9%
US Bank, NA	Large bank	37	96.0%	2.8%	24.7%	15.9%	70.7%	14.5%	46.3%
Fairway Independent Mort Corp	Independent mortgage company	9	81.1%	0.9%	23.4%	15.0%	77.2%	14.9%	99.9%
Flagstar Bank, FSB	Large bank	29	72.0%	0.9%	18.4%	14.2%	63.7%	23.8%	94.2%
Freedom Mortgage Corporation	Independent mortgage company	53	16.9%	0.6%	14.4%	19.1%	58.2%	26.0%	98.8%
Navy Federal Credit Union	Credit union	15	42.4%	3.8%	15.3%	14.1%	54.0%	29.1%	62.2%
Guild Mortgage Company	Independent mortgage company	10	75.0%	0.3%	23.7%	19.1%	63.3%	19.3%	100.0%
Nationstar Mortgage	Independent mortgage company	55	76.7%	2.2%	17.2%	19.9%	60.2%	24.1%	99.9%
USAA Federal Savings Bank	Large bank	11	39.9%	0.2%	11.0%	12.8%	63.1%	17.8%	99.8%
PrimeLending	Affiliated mortgage company	7	87.5%	2.0%	20.3%	13.3%	72.2%	16.1%	99.6%
Guaranteed Rate, Inc.	Independent mortgage company	13	90.7%	0.5%	15.9%	12.2%	72.5%	13.5%	100.0%
Movement Mortgage, LLC	Independent mortgage company	4	77.7%	1.7%	26.5%	15.5%	73.5%	19.3%	99.9%
PNC Bank, NA	Large bank	21	94.3%	0.1%	27.2%	13.3%	66.7%	12.9%	53.0%
Finance of America Mortgage	Independent mortgage company	13	81.3%	0.3%	19.0%	17.5%	61.5%	23.1%	99.9%
HomeBridge Financial Services	Independent mortgage company	14	42.7%	1.0%	11.6%	17.2%	54.5%	30.1%	100.0%
Stearns Lending	Independent mortgage company	12	68.2%	0.5%	20.4%	18.1%	58.2%	28.9%	100.0%
Mortgage Research Center	Independent mortgage company	5	2.6%	0.0%	15.2%	15.2%	64.5%	19.3%	100.0%
Academy Mortgage Corporation	Independent mortgage company	6	81.9%	1.0%	25.1%	16.0%	76.0%	16.1%	99.9%
DITECH Financial LLC	Independent mortgage company	28	92.4%	0.9%	41.9%	20.6%	64.9%	20.4%	100.0%
Top 25 institutions	...	977	73.8%	1.1%	23.3%	16.0%	57.5%	18.3%	90.0%
All institutions	...	2,170	75.1%	2.1%	22.9%	15.5%	63.3%	17.8%	80.9%

How Many Houses Are Built Each Year?

The rate of growth of new housing units across the United States stands at about half of what it was at the peak of the home construction boom in January of 2006. In September 2018 there were 1,201,000 seasonally adjusted new housing units started compared with 2,273,000 in January 2016. The following table lists seasonally-adjusted new privately owned housing unit starts (all numbers in thousands).

Date	Housing Starts
1959-01-01	1,657
1959-02-01	1,667
1959-03-01	1,620
1959-04-01	1,590
1959-05-01	1,498
1959-06-01	1,503
1959-07-01	1,547
1959-08-01	1,430
1959-09-01	1,540
1959-10-01	1,355
1959-11-01	1,416
1959-12-01	1,601
1960-01-01	1,460
1960-02-01	1,503
1960-03-01	1,109
1960-04-01	1,289
1960-05-01	1,271
1960-06-01	1,247
1960-07-01	1,197
1960-08-01	1,344
1960-09-01	1,097
1960-10-01	1,246
1960-11-01	1,246
1960-12-01	1,063
1961-01-01	1,183
1961-02-01	1,226
1961-03-01	1,312
1961-04-01	1,166
1961-05-01	1,228
1961-06-01	1,382
1961-07-01	1,335
1961-08-01	1,312
1961-09-01	1,429
1961-10-01	1,415
1961-11-01	1,385
1961-12-01	1,365
1962-01-01	1,361
1962-02-01	1,278
1962-03-01	1,443
1962-04-01	1,524
1962-05-01	1,483
1962-06-01	1,404
1962-07-01	1,450
1962-08-01	1,517
1962-09-01	1,324
1962-10-01	1,533
1962-11-01	1,622
1962-12-01	1,564
1963-01-01	1,244
1963-02-01	1,456
1963-03-01	1,534
1963-04-01	1,689
1963-05-01	1,641
1963-06-01	1,588
1963-07-01	1,614
1963-08-01	1,639
1963-09-01	1,763
1963-10-01	1,779
1963-11-01	1,622
1963-12-01	1,491
1964-01-01	1,603
1964-02-01	1,820
1964-03-01	1,517
1964-04-01	1,448
1964-05-01	1,467
1964-06-01	1,550
1964-07-01	1,562
1964-08-01	1,569
1964-09-01	1,455
1964-10-01	1,524
1964-11-01	1,486
1964-12-01	1,484
1965-01-01	1,361
1965-02-01	1,433
1965-03-01	1,423
1965-04-01	1,438
1965-05-01	1,478
1965-06-01	1,488
1965-07-01	1,529
1965-08-01	1,432
1965-09-01	1,482
1965-10-01	1,452
1965-11-01	1,460
1965-12-01	1,656
1966-01-01	1,370
1966-02-01	1,378
1966-03-01	1,394
1966-04-01	1,352
1966-05-01	1,265
1966-06-01	1,194
1966-07-01	1,086
1966-08-01	1,119
1966-09-01	1,046
1966-10-01	843
1966-11-01	961
1966-12-01	990
1967-01-01	1,067
1967-02-01	1,123
1967-03-01	1,056
1967-04-01	1,091
1967-05-01	1,304
1967-06-01	1,248
1967-07-01	1,364
1967-08-01	1,407
1967-09-01	1,421
1967-10-01	1,491
1967-11-01	1,538
1967-12-01	1,308
1968-01-01	1,380
1968-02-01	1,520
1968-03-01	1,466
1968-04-01	1,554
1968-05-01	1,408
1968-06-01	1,405
1968-07-01	1,512
1968-08-01	1,495
1968-09-01	1,556
1968-10-01	1,569
1968-11-01	1,630
1968-12-01	1,548
1969-01-01	1,769
1969-02-01	1,705
1969-03-01	1,561
1969-04-01	1,524
1969-05-01	1,583
1969-06-01	1,528
1969-07-01	1,368
1969-08-01	1,358
1969-09-01	1,507
1969-10-01	1,381
1969-11-01	1,229
1969-12-01	1,327
1970-01-01	1,085
1970-02-01	1,305
1970-03-01	1,319
1970-04-01	1,264
1970-05-01	1,290
1970-06-01	1,385
1970-07-01	1,517
1970-08-01	1,399
1970-09-01	1,534
1970-10-01	1,580
1970-11-01	1,647
1970-12-01	1,893
1971-01-01	1,828
1971-02-01	1,741
1971-03-01	1,910
1971-04-01	1,986
1971-05-01	2,049
1971-06-01	2,026
1971-07-01	2,083
1971-08-01	2,158
1971-09-01	2,041
1971-10-01	2,128
1971-11-01	2,182
1971-12-01	2,295
1972-01-01	2,494
1972-02-01	2,390
1972-03-01	2,334
1972-04-01	2,249
1972-05-01	2,221
1972-06-01	2,254
1972-07-01	2,252
1972-08-01	2,382
1972-09-01	2,481
1972-10-01	2,485
1972-11-01	2,421
1972-12-01	2,366
1973-01-01	2,481
1973-02-01	2,289
1973-03-01	2,365
1973-04-01	2,084
1973-05-01	2,266
1973-06-01	2,067
1973-07-01	2,123
1973-08-01	2,051
1973-09-01	1,874
1973-10-01	1,677
1973-11-01	1,724
1973-12-01	1,526
1974-01-01	1,451
1974-02-01	1,752
1974-03-01	1,555
1974-04-01	1,607
1974-05-01	1,426
1974-06-01	1,513
1974-07-01	1,316
1974-08-01	1,142
1974-09-01	1,150
1974-10-01	1,070
1974-11-01	1,026
1974-12-01	975
1975-01-01	1,032
1975-02-01	904
1975-03-01	993
1975-04-01	1,005
1975-05-01	1,121
1975-06-01	1,087
1975-07-01	1,226
1975-08-01	1,260
1975-09-01	1,264
1975-10-01	1,344
1975-11-01	1,360
1975-12-01	1,321
1976-01-01	1,367
1976-02-01	1,538
1976-03-01	1,421
1976-04-01	1,395
1976-05-01	1,459
1976-06-01	1,495
1976-07-01	1,401
1976-08-01	1,550
1976-09-01	1,720
1976-10-01	1,629
1976-11-01	1,641
1976-12-01	1,804
1977-01-01	1,527
1977-02-01	1,943
1977-03-01	2,063
1977-04-01	1,892
1977-05-01	1,971
1977-06-01	1,893
1977-07-01	2,058
1977-08-01	2,020
1977-09-01	1,949
1977-10-01	2,042
1977-11-01	2,042
1977-12-01	2,142
1978-01-01	1,718
1978-02-01	1,738
1978-03-01	2,032
1978-04-01	2,197
1978-05-01	2,075
1978-06-01	2,070
1978-07-01	2,092
1978-08-01	1,996
1978-09-01	1,970
1978-10-01	1,981
1978-11-01	2,094
1978-12-01	2,044
1979-01-01	1,630
1979-02-01	1,520
1979-03-01	1,847
1979-04-01	1,748
1979-05-01	1,876
1979-06-01	1,913
1979-07-01	1,760
1979-08-01	1,778
1979-09-01	1,832
1979-10-01	1,681
1979-11-01	1,524
1979-12-01	1,498
1980-01-01	1,341
1980-02-01	1,350
1980-03-01	1,047
1980-04-01	1,051
1980-05-01	927
1980-06-01	1,196
1980-07-01	1,269
1980-08-01	1,436
1980-09-01	1,471
1980-10-01	1,523
1980-11-01	1,510
1980-12-01	1,482
1981-01-01	1,547
1981-02-01	1,246
1981-03-01	1,306
1981-04-01	1,360
1981-05-01	1,140
1981-06-01	1,045
1981-07-01	1,041
1981-08-01	940
1981-09-01	911
1981-10-01	873
1981-11-01	837
1981-12-01	910
1982-01-01	843
1982-02-01	866
1982-03-01	931
1982-04-01	917
1982-05-01	1,025
1982-06-01	902
1982-07-01	1,166
1982-08-01	1,046
1982-09-01	1,144
1982-10-01	1,173
1982-11-01	1,372
1982-12-01	1,303
1983-01-01	1,586
1983-02-01	1,699
1983-03-01	1,606
1983-04-01	1,472
1983-05-01	1,776
1983-06-01	1,733
1983-07-01	1,785
1983-08-01	1,910
1983-09-01	1,710
1983-10-01	1,715
1983-11-01	1,785
1983-12-01	1,688
1984-01-01	1,897
1984-02-01	2,260
1984-03-01	1,663
1984-04-01	1,851
1984-05-01	1,774
1984-06-01	1,843
1984-07-01	1,732
1984-08-01	1,586
1984-09-01	1,698
1984-10-01	1,590
1984-11-01	1,689
1984-12-01	1,612
1985-01-01	1,711
1985-02-01	1,632
1985-03-01	1,800
1985-04-01	1,821
1985-05-01	1,680
1985-06-01	1,676
1985-07-01	1,684
1985-08-01	1,743
1985-09-01	1,676
1985-10-01	1,834
1985-11-01	1,698
1985-12-01	1,942
1986-01-01	1,972
1986-02-01	1,848
1986-03-01	1,876
1986-04-01	1,933
1986-05-01	1,854
1986-06-01	1,847
1986-07-01	1,782
1986-08-01	1,807
1986-09-01	1,687
1986-10-01	1,681
1986-11-01	1,623
1986-12-01	1,833
1987-01-01	1,774
1987-02-01	1,784
1987-03-01	1,726
1987-04-01	1,614
1987-05-01	1,628
1987-06-01	1,594
1987-07-01	1,575
1987-08-01	1,605
1987-09-01	1,695
1987-10-01	1,515
1987-11-01	1,656
1987-12-01	1,400
1988-01-01	1,271
1988-02-01	1,473
1988-03-01	1,532
1988-04-01	1,573
1988-05-01	1,421
1988-06-01	1,478
1988-07-01	1,467
1988-08-01	1,493
1988-09-01	1,492
1988-10-01	1,522
1988-11-01	1,569
1988-12-01	1,563
1989-01-01	1,621
1989-02-01	1,425
1989-03-01	1,422
1989-04-01	1,339
1989-05-01	1,331
1989-06-01	1,397
1989-07-01	1,427
1989-08-01	1,332
1989-09-01	1,279
1989-10-01	1,410
1989-11-01	1,351
1989-12-01	1,251
1990-01-01	1,551
1990-02-01	1,437
1990-03-01	1,289
1990-04-01	1,248
1990-05-01	1,212
1990-06-01	1,177
1990-07-01	1,171
1990-08-01	1,115
1990-09-01	1,110
1990-10-01	1,014
1990-11-01	1,145
1990-12-01	969
1991-01-01	798
1991-02-01	965
1991-03-01	921
1991-04-01	1,001
1991-05-01	996
1991-06-01	1,036
1991-07-01	1,063
1991-08-01	1,049
1991-09-01	1,015
1991-10-01	1,079
1991-11-01	1,103
1991-12-01	1,079
1992-01-01	1,176
1992-02-01	1,250
1992-03-01	1,297
1992-04-01	1,099
1992-05-01	1,214
1992-06-01	1,145
1992-07-01	1,139
1992-08-01	1,226
1992-09-01	1,186
1992-10-01	1,244
1992-11-01	1,214
1992-12-01	1,227
1993-01-01	1,210
1993-02-01	1,210
1993-03-01	1,083
1993-04-01	1,258
1993-05-01	1,260
1993-06-01	1,280
1993-07-01	1,254
1993-08-01	1,300
1993-09-01	1,343
1993-10-01	1,392
1993-11-01	1,376
1993-12-01	1,533
1994-01-01	1,272
1994-02-01	1,337
1994-03-01	1,564
1994-04-01	1,465
1994-05-01	1,526
1994-06-01	1,409
1994-07-01	1,439
1994-08-01	1,450
1994-09-01	1,474
1994-10-01	1,450
1994-11-01	1,511
1994-12-01	1,455
1995-01-01	1,407
1995-02-01	1,316
1995-03-01	1,249
1995-04-01	1,267
1995-05-01	1,314
1995-06-01	1,281
1995-07-01	1,461
1995-08-01	1,416
1995-09-01	1,369
1995-10-01	1,369
1995-11-01	1,452
1995-12-01	1,431
1996-01-01	1,467
1996-02-01	1,491
1996-03-01	1,424
1996-04-01	1,516
1996-05-01	1,504
1996-06-01	1,467
1996-07-01	1,472
1996-08-01	1,557
1996-09-01	1,475
1996-10-01	1,392
1996-11-01	1,489
1996-12-01	1,370
1997-01-01	1,355
1997-02-01	1,486
1997-03-01	1,457
1997-04-01	1,492
1997-05-01	1,442
1997-06-01	1,494
1997-07-01	1,437
1997-08-01	1,390
1997-09-01	1,546
1997-10-01	1,520
1997-11-01	1,510
1997-12-01	1,566
1998-01-01	1,525
1998-02-01	1,584
1998-03-01	1,567
1998-04-01	1,540
1998-05-01	1,536
1998-06-01	1,641
1998-07-01	1,698
1998-08-01	1,614
1998-09-01	1,582
1998-10-01	1,715
1998-11-01	1,660
1998-12-01	1,792
1999-01-01	1,748
1999-02-01	1,670
1999-03-01	1,710
1999-04-01	1,553
1999-05-01	1,611
1999-06-01	1,559
1999-07-01	1,669
1999-08-01	1,648
1999-09-01	1,635
1999-10-01	1,608
1999-11-01	1,648
1999-12-01	1,708
2000-01-01	1,636
2000-02-01	1,737
2000-03-01	1,604
2000-04-01	1,626
2000-05-01	1,575
2000-06-01	1,559
2000-07-01	1,463
2000-08-01	1,541
2000-09-01	1,507
2000-10-01	1,549
2000-11-01	1,551
2000-12-01	1,532
2001-01-01	1,600
2001-02-01	1,625
2001-03-01	1,590
2001-04-01	1,649
2001-05-01	1,605
2001-06-01	1,636
2001-07-01	1,670
2001-08-01	1,567
2001-09-01	1,562
2001-10-01	1,540
2001-11-01	1,602
2001-12-01	1,568
2002-01-01	1,698
2002-02-01	1,829
2002-03-01	1,642
2002-04-01	1,592
2002-05-01	1,764
2002-06-01	1,717
2002-07-01	1,655
2002-08-01	1,633
2002-09-01	1,804
2002-10-01	1,648
2002-11-01	1,753
2002-12-01	1,788
2003-01-01	1,853
2003-02-01	1,629
2003-03-01	1,726
2003-04-01	1,643
2003-05-01	1,751
2003-06-01	1,867
2003-07-01	1,897
2003-08-01	1,833
2003-09-01	1,939
2003-10-01	1,967
2003-11-01	2,083
2003-12-01	2,057
2004-01-01	1,911
2004-02-01	1,846
2004-03-01	1,998
2004-04-01	2,003
2004-05-01	1,981
2004-06-01	1,828
2004-07-01	2,002
2004-08-01	2,024
2004-09-01	1,905
2004-10-01	2,072
2004-11-01	1,782
2004-12-01	2,042
2005-01-01	2,144
2005-02-01	2,207
2005-03-01	1,864
2005-04-01	2,061
2005-05-01	2,025
2005-06-01	2,068
2005-07-01	2,054
2005-08-01	2,095
2005-09-01	2,151
2005-10-01	2,065
2005-11-01	2,147
2005-12-01	1,994
2006-01-01	2,273
2006-02-01	2,119
2006-03-01	1,969
2006-04-01	1,821
2006-05-01	1,942
2006-06-01	1,802
2006-07-01	1,737
2006-08-01	1,650
2006-09-01	1,720
2006-10-01	1,491
2006-11-01	1,570
2006-12-01	1,649
2007-01-01	1,409
2007-02-01	1,480
2007-03-01	1,495
2007-04-01	1,490
2007-05-01	1,415
2007-06-01	1,448
2007-07-01	1,354
2007-08-01	1,330
2007-09-01	1,183
2007-10-01	1,264
2007-11-01	1,197
2007-12-01	1,037
2008-01-01	1,084
2008-02-01	1,103
2008-03-01	1,005
2008-04-01	1,013
2008-05-01	973
2008-06-01	1,046
2008-07-01	923
2008-08-01	844
2008-09-01	820
2008-10-01	777
2008-11-01	652
2008-12-01	560
2009-01-01	490
2009-02-01	582
2009-03-01	505
2009-04-01	478
2009-05-01	540
2009-06-01	585
2009-07-01	594
2009-08-01	586
2009-09-01	585
2009-10-01	534
2009-11-01	588
2009-12-01	581
2010-01-01	614
2010-02-01	604
2010-03-01	636
2010-04-01	687
2010-05-01	583
2010-06-01	536
2010-07-01	546
2010-08-01	599
2010-09-01	594
2010-10-01	543
2010-11-01	545
2010-12-01	539
2011-01-01	630
2011-02-01	517
2011-03-01	600
2011-04-01	554
2011-05-01	561
2011-06-01	608
2011-07-01	623
2011-08-01	585
2011-09-01	650
2011-10-01	610
2011-11-01	711
2011-12-01	694
2012-01-01	723
2012-02-01	704
2012-03-01	695
2012-04-01	753
2012-05-01	708
2012-06-01	757
2012-07-01	740
2012-08-01	754
2012-09-01	847
2012-10-01	915
2012-11-01	833
2012-12-01	976
2013-01-01	888
2013-02-01	962
2013-03-01	1,010
2013-04-01	835
2013-05-01	930
2013-06-01	839
2013-07-01	880
2013-08-01	917
2013-09-01	850
2013-10-01	925
2013-11-01	1,100
2013-12-01	1,002
2014-01-01	890
2014-02-01	941
2014-03-01	970
2014-04-01	1,049
2014-05-01	1,008
2014-06-01	903
2014-07-01	1,082
2014-08-01	983
2014-09-01	1,020
2014-10-01	1,077
2014-11-01	1,001
2014-12-01	1,068
2015-01-01	1,094
2015-02-01	888
2015-03-01	963
2015-04-01	1,203
2015-05-01	1,079
2015-06-01	1,185
2015-07-01	1,133
2015-08-01	1,134
2015-09-01	1,212
2015-10-01	1,064
2015-11-01	1,171
2015-12-01	1,155
2016-01-01	1,114
2016-02-01	1,202
2016-03-01	1,115
2016-04-01	1,173
2016-05-01	1,133
2016-06-01	1,183
2016-07-01	1,225
2016-08-01	1,161
2016-09-01	1,064
2016-10-01	1,327
2016-11-01	1,151
2016-12-01	1,280
2017-01-01	1,225
2017-02-01	1,289
2017-03-01	1,179
2017-04-01	1,165
2017-05-01	1,122
2017-06-01	1,225
2017-07-01	1,185
2017-08-01	1,172
2017-09-01	1,158
2017-10-01	1,265
2017-11-01	1,303
2017-12-01	1,210
2018-01-01	1,334
2018-02-01	1,290
2018-03-01	1,327
2018-04-01	1,276
2018-05-01	1,329
2018-06-01	1,177
2018-07-01	1,184
2018-08-01	1,268
2018-09-01	1,201

Average Mortgage Debt Per Family

From 2010 to 2013 the number of families with home-secured debt fell from 47.0% to 42.9%. These numbers reflect both a decline in home-ownership, and a reticence on the part of consumers to take out extended home equity loans. That being said, home-secured debt remains the most common type of debt held by families in the US.

Again, according to the latest census numbers, the conditional median value of home-secured debt for families in the United States fell by 2% from $117,500 in 2010 to $115,000 in 2013. The conditional mean value of home-secured debt during the same period fell from $165,400 to $156,700, showing a 5% drop in the average home-secured debt being held by families in the US. These declines clearly show a loss of consumer confidence following the financial crisis of 2008. Still, forecasts are positive, and all economic predictors point to an uptick in mortgages and other home-secured loan products.

(source: The US Federal Reserve's Survey of Consumer Finances)

Mortgage Defaults in the United States

There has always been a small percentage of mortgages that slip into delinquency or default, regardless of the prevailing economic climate. From 1979 through to 2006, the share of mortgage loans that were classed as ‘seriously delinquent' (in excess of 90 days past due or in the process of foreclosure) averaged 1.7%; with a low of 0.7% in 1979 and a high of 2.4% in 2002 when the country experienced its first recession of the new century. However, the rise of ‘sub-prime' or ‘near-prime' lending in the middle of the decade led to an inevitable increase in mortgage defaults and delinquencies. Indeed, by 2008 the number of home loans determined to be ‘seriously delinquent' or in default rose to 4.5%, nearly double the levels seen in 2002. The increased level of delinquencies preceded a sharp rise in home foreclosures, peaking at 1.2 million by the first quarter of 2008. To put that in perspective, that's an increase of 79% over the first quarter of 2007.

Following the recession of 2008, lenders became much more conservative in their lending practices. While that did not necessarily stem the tide of existing delinquencies, it did help to curb the rise of any new defaults or foreclosures. Mortgage loans that originated in the early to mid 2000's still account for the largest percentage of delinquencies, though they only make up roughly 38% of all outstanding home loans. Mortgages that originated after 2009 are performing much better, with a much lower rate of delinquencies and defaults. In fact, the number of mortgages written post 2009 now account for nearly 62% of all active loans, yet they only make up 15% of those classified as seriously delinquent.

(source: The Rise in Mortgage Defaults – Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington D.C.)

Mortgages – Fixed Rate and Adjustable Rate Formats

There are two primary mortgage formats in the United States, the fixed-rate and the adjustable-rate (ARM). Fixed-rate mortgages remain the most common, and most popular, mortgage product for US home buyers. With a fixed-rate mortgage, interest rates are set during the loan's origination and they remain constant throughout the life of the loan. Fixed-rate mortgages are offered at a variety of terms, Fixed-rate mortgages are offered at a variety of terms, typically in 15, 20 or 30 year formats, with a 30 year fixed-rate mortgage be the most popular throughout the US. The main advantage of these types of loans is that buyers are protected from any sudden and unexpected increases in interest rates while they hold the mortgage. Monthly payments remain predictable, as does the total cost of the loan itself.

Fixed-rate mortgages were the standard format prior to 1982 when congress passed the Garn-St. Germain Depository Institutions Act, after which banks and savings and loans in the United States were able to offer adjustable-rate mortgages to their customers. With an adjustable-rate mortgage, the initial interest rate on the loan is set below the current market value applied to fixed-rate mortgages. Over the term of the loan, interest rates are adjusted at predetermined intervals based on a set of market indexes. The main attraction of adjustable-rate mortgages is that they allow for lower initial monthly payments, and often allow consumers to qualify for larger home loans. However, with an adjustable-rate mortgage monthly payments can change frequently over the life of the loan, and when interest rates rise that can present a financial burden for the borrower. Still, adjustable-rate mortgages can be attractive to first time buyers, and to homeowners who intend to flip their property or expect to move within a short span of time.

Adjustable-rate, also known as variable-rate, mortgages may not be the most popular format in the US, but they are the prevailing home loan product in many other countries. Indeed, in the United Kingdom, Australia, and Canada they are the most common type of home loans, and in these countries it is extremely unusual to find a fixed-rate rate mortgage product. This is because the basic structure of the mortgage lending industry in most countries doesn't support long term lending. With the notable exceptions of Germany and Austria, in most European countries the predominant mortgage format remains the ARM or variable-rate loan.

Fluctuating Mortgage Rates in the United States

Interest rates on both fixed and variable rate mortgages are constantly in flux, and a review of their performance over the last several years reveals some interesting trends.

Interest rates on a 30 year fixed-rate mortgage were at their highest when they peaked at 18.45 during the fourth quarter of 1981. Indeed, from 1979 through 1990 interest rates on a 30 year fixed-rate mortgage remained firmly rooted in the double digits, and it is only in the last twenty years that they have slowly returned to, and ultimately bettered, pre-1980 levels.

Rates on 15 year fixed-rate mortgages have been relatively more stable over the last twenty years, reaching their highest level of 8.58 in the early to mid nineties. Since then, rates and points on 15 year mortgages have slowly declined, once again reaching an all time statistical low. The same holds true for 5 year fixed-rate mortgages and 1 year variable rate home loans, with both hovering at their lowest rates for products in their class.

The general public might find it surprising to learn that interest levels on most standard mortgages are lower now than they have been in over forty years. While much of this is due to the economic downturn of the last decade or more, it does make for a buyer's market, with current rates greatly favoring the consumer.

(source: Freddie Mac – Economic and Housing Research)

Mortgage Rates by Region

Of course, mortgage rates are also influenced by region, and where you buy a home will have a big impact on the available interest rates. Currently, rates are lowest on the upper East coast, with New York and New Jersey leading the country in most affordable mortgage rates. Arizona, New Mexico, and Florida continue to have the highest rates in the country, following the historical trends. To see where your state ranks among the national averages, check out this handy interactive map. It's updated regularly so you can track the rise and fall of mortgage rates in your region of the country.

5 Most Expensive States for Home Buyers

The recent economic crisis may have dealt the US housing market a devastating blow, but it is slowly returning to form. Spurred on by a strengthening economy and record low interest rates, real estate markets across the country are returning to (and some cases exceeding) their pre-recession levels. But as consumers return to the market, housing costs have begun to rise, particularly in some of the most desirable regions of the nation. For a greater perspective on the rising cost of home-ownership, let's take a quick look at the 5 most expensive states for home buyers in the U.S.

• Massachusetts – Home prices have risen by 5.85% over the last year, a sure sign of the health of the state's housing market. The median home price in Massachusetts clocks in at $312,250, with the average being greatly influenced by prices on Nantucket Bay as well as in Middlesex and Suffolk Counties. Outlying regions of the state (Berkshire County and Franklin County) average much lower, with housing prices hovering around $170,000. Massachusetts also has one of the higher cost of living indexes in the country.
• New York – While New York may be able to boast lower mortgage rates, housing prices are definitely well above the national average. The median sales price for homes in the Empire state have risen by more than 24% over the last year, reaching a statewide average of $317,191. As is to be expected, prices are highest in Westchester and Kings Counties. Housing prices in upstate New York remain the most affordable, falling anywhere between $70,000 and $100,000.
• California – Unsurprisingly, the Golden State easily makes the list of top five most expensive states. Home prices have risen by 3.75% over the last year, reaching a median of $360,000. The statewide average is pushed up by prices along the coast, particularly in San Mateo and Marin Counties. California also has one of the highest cost of living indexes in the nation.
• Hawaii – Hawaii has always led the nation in home prices, as well as cost of living. The median sales price for homes in the Aloha State have risen by 2.38% over the last year, clocking in at $430,000. The trend is predicted to continue, with prices rising by up to 5.25% over the next few years. The islands of Maui and Honolulu lead the state, with home prices averaging close to $500,000.
• District of Columbia – While not a state as such, Washing DC tops the list of most expensive places to buy a home in the United States. With a median home price of $4549,498 the nation's capital leads the pack in home prices, and that's a trend that is expected to continue into the future. As one might expect, the cost of living in the District of Columbia is one of the highest in the country.

(sources: Find The Home's Guide to The Most Expensive States & Market Watch's Map of the Most Expensive and Cheapest States to Live)

Least Expensive Housing Markets

While most states have seen their real estate markets rebound thanks to a strengthening economy, some are still a better buy for homeowners than others. Now that we've looked at the 5 most expensive states in which to buy a home, it's only fair that we touch on the 5 least expensive housing markets. They are, in no particular order:

• Indiana – Home values in the Hoosier State have risen by only 1.8% in the last year, with median home prices hovering at around $112,000. While mortgage rates are a little higher than the national average, Indiana still makes the list of one of the least expensive states for home buyers in the United States. It also has one of the lowest cost of living indexes in the country.
• Oklahoma – Oklahoma has been slow to feel the economic recovery, and home prices have remained on the low side of the national average with a median of $109,000. That cost jumps to around $145,000 for the state's metropolitan areas. In keeping with the lower home prices, the Sooner State also has a lower than average cost of living index.
• Kentucky – Home values in Kentucky have risen by 1.0% over the last year, but are predicted to rise by another 3.0% over the next year or more. The median price for a single family home in the Bluegrass State currently stands at $127,500. Combined with low taxes and a lower than average cost of living index, that makes Kentucky one of the least expensive states in the country in which to buy a home.
• Tennessee – The median home value in Tennessee is approximately $120,000, though in some areas like Humboldt and Knoxville you can easily find a single family home for between $50,000 and $60,000. Again, low taxes and a lower than average cost of living make Tennessee something of a buyer's market.
• Mississippi – Home values in Mississippi remain lower than the national average, and the media price on a single family home in the more metropolitan areas comes in at around $114,000. Rural districts are considerably cheaper, with median prices hovering around $60,000. Housing costs in Mississippi are expected to rebound more slowly than other parts of the country, with an annual increase of 1.5% to 1.8%.

(sources: Zillow Research & Numbeo)

Residential Lenders

Top mortgage lenders in the United States (via MortgageStats.com):

1. Wells Fargo
2. Chase
3. Quicken Loans
4. Bank of America
5. U.S. Bank
6. PHH Mortgage
7. CitiMortgage
8. PennyMac
9. Flagstar
10. Freedom Mortgage

Residential Servicers

Top loan servicers in the United States (via MortgageStats.com):

1. Wells Fargo
2. Chase
3. Bank of America
4. Nationstar Mortgage
5. CitiMortgage
6. U.S. Bank
7. Walter Investment Management
8. Ocwen Loan Servicing
9. PHH Mortgage
10. Cenlar

The Statistical Home Buyer

At the heart of the mortgage market lies the home buyer, and their characteristics can tell us a lot about the housing market. As we round out our review of mortgage and housing statistics, it's seems appropriate that we take a brief look at home buyers in the United States, and how they navigate the mortgage market.

• First Time Buyers – The number of first time buyers entering the housing market fell to its lowest percentage since 1981. In 2014, first time buyers comprised 33% of the US housing market, a drop of five points from the previous year.
• Median Age and Income of First Time Buyers – The average age of first time home buyers in the United States stands at 31, showing little to no change over the last few years. Their average annual income was approximately $68,300. The median cost of homes purchased by first time buyers is$169,000.
• Median age and Income of Repeat Buyers – The average age and income of repeat buyers remains relatively stable, with a median age of 53 and an income of approximately $95,000 per year. The average cost of a home purchased by a repeat buyer is $240,000.
• Household Composition of Home buyers – The statistical make-up of home buyers has remained unchanged over the last few years, with 65% being married couples, 16% single women, 9% single men, and 8% unmarried couples.
• Financing Profiles – 88% of all buyers financed their purchase, with younger buyers more likely to rely on financing than consumers aged 64 or older. 93% of first time buyers opted for a fixed-rate mortgage, with 35% financing their purchase with an FHA backed mortgage. The average down payment for first time buyers was 6% of the total cost of their home, while the average down payment for repeat buyers was 13%.
• Housing Profiles – 79% of buyers purchased a detached single family home, while 16% bought a townhouse or condo. The average home purchased had three bedrooms and two baths.
• Average Time Between Moves – The average time a family is expected to stay in their home is approximately 13 years. Data collected in 2011 suggested an average of 16 years for more than half of all homeowners in the US, but the survey was deemed atypical so the average was rounded down to compensate.

(sources: Surveys by the National Association of Realtors & the National Association of Home Builders)

As is to be expected, the housing market is subject to constant change, reacting as it must to the prevailing economic climate. The statistics we have provided for you here are a virtual snapshot of the US mortgage market as it responds to a strengthening economy and the return of consumer confidence in the American consumer. It should, we hope, provide a deeper insight into the current state of the US housing and mortgage markets.

US Average Annual Mortgage Rates by Year

Here are historical average annual interest rates for popular home loan products.

Source: Freddie Mac PMMS

Current Conforming Loan Limits

On November 29, 2022 the Federal Housing Finance Agency (FHFA) raised the 2023 conforming loan limit on single family homes from $647,200 to $726,200 - an increase of $79,000 or 12.21%. That rate is the baseline limit for areas of the country where homes are fairly affordable. In higher-cost areas like San Francisco or New York City the single-family home conforming loan limit can go as high as $1,089,300.

Here is an overview of the current limits based on the number of units in a building. Limits in the third row apply to Alaska, Guam, Virgin Islands, Washington D.C & Hawaii.

We also publish historical conforming loan limits going back to 1970.

Homeowners May Want to Refinance While Rates Are Low

The Federal Reserve has hinted they are likely to taper their bond buying program later this year. Lock in today's low rates and save on your loan.

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