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Historical & Current United States Residential Mortgage Origination & Loan Servicing Statistics for 2020

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%

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.

calculator with house on mortgage

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.

Consumers with Foreclosures.

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.

Home Refinancing Boom of Early 2000s.

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

Household Debt Per Capita.

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

Bankruptcies vs 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.

Loans 90 days delinquent.

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.

Home Equity Line Usage.

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.

Accounts by Loan Type.

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.

Household Debt Composition.

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.

Mortgage Originations by Fico Credit Score.

Fico Credit Score at Origination.

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.)

mortagage with keys

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)

key on mortgage document

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.

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 3.14 0.3 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

Current Conforming Loan Limits

On November 24, 2020 the Federal Housing Finance Agency (FHFA) raised the 2021 conforming loan limit on single family homes from $510,400 to $548,250 - an increase of $37,850 or 7.42%. 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 loan limit can go as high as $822,375.

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.

Units 1 2 3 4
Continental U.S. Baseline $548,250 $702,000 $848,500 $1,054,500
Designiated High-cost Areas $822,375 $1,053,000 $1,272,750 $1,581,750
Alaska, Hawaii, Guam & U.S. Virgin Islands $822,375 $1,053,000 $1,272,750 $1,581,750

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

Ashburn Homeowners May Want to Refinance While Rates Are Low

US 10-year Treasury rates have recently fallen to all-time record lows due to the spread of coronavirus driving a risk off sentiment, with other financial rates falling in tandem. Homeowners who buy or refinance at today's low rates may benefit from recent rate volatility.

Are you paying too much for your mortgage?

Find Out What You Qualify For

Check your refinance options with a trusted Ashburn lender.

Answer a few questions below and connect with a lender who can help you refinance and save today!