MARKET BENCHMARKS · HMDA PUBLIC DATA
U.S. mortgage market benchmarks
National origination trends 2018–2025 from HMDA public data: volume, denial rates, and purchase vs refinance mix. Free and open — no account required.
Originations · 2025
6,827,891
+10.6% vs 2024
Origination volume · 2025
$2.41T
Denial rate · 2025
18.0%
HMDA reporters · 2025
4,782
Origination volume by year
Dollar volume of originated loans
Mortgage rate environment
U.S. HMDA note rate vs Freddie PMMS 30-yr survey
Denial rate — filtered
Denials / actioned applications (CFPB convention), on the basis you choose
Mortgage rates — weekly
Freddie Mac Primary Mortgage Market Survey, 30-year and 15-year fixed
Average note rate by month — closing basis
Ginnie Mae new-issuance loans, weighted by original balance, keyed on the month the loan CLOSED
DENIAL RATE BY DEMOGRAPHIC · HMDA PUBLIC DATA
U.S. denial rates by race, ethnicity, sex & age
How to read this. Raw, unadjusted HMDA denial rates (conditional on a terminal decision — denied ÷ (denied + originated)). NOT controlled for loan purpose, amount, geography, or credit — these show disparities, not proven discrimination.
Which denominator. These rates use hmda.denial_rate.orig_basis — denied ÷ (denied + originated), 25.374% nationally in 2024. Two other conventions exist in this product and are NOT interchangeable with it: hmda.denial_rate.action3 (denied ÷ actions 1–5, 19.526%), which is what the market tiles show, and hmda.denial_rate.decisioned (denied ÷ actions 1–3 over closed-end consumer loans only, 21.286%), which the fair-lending screen uses because it is the one that isolates the credit decision. A gap between two “denial rates” on two pages is usually this, not an error.
Unadjusted, and it matters. A raw gap here pools purchase with cash-out, first lien with subordinate, site-built with manufactured — and product mix alone can manufacture most of a gap or hide one entirely. One 2024 lender's raw gap for Black applicants is +47.9pp and +1.3pp once the comparison is like-for-like; another looks 12.8pp better than market raw and is 3.1pp adverse adjusted. The mix-adjusted screen does that comparison per lender.
White denial rate over time
U.S. conditional denial rate vs all applicants · 2018–2025
Subject: White conditional denial rate (denied of terminal decisions). Benchmark: all applicants in U.S., same denominator. Raw and unadjusted — a gap reflects many factors (application mix, credit, geography), not discrimination by itself.
Group detail · 2025
Latest year · sort any column · click a row to chart that group
Denial rate = denied ÷ (denied + originated) — the FFIEC-style share of applications reaching a terminal lender decision that were denied (excludes withdrawn, approved-not-accepted, incomplete, and preapproval-only outcomes). “VS ALL” is the gap from the all-applicant rate this year. Groups with too few terminal decisions to report a stable rate are shown as “—”.
ORIGINATED MIX · PURPOSE x TYPE · HMDA PUBLIC DATA
U.S. 2025 originations by purpose and loan type
Originated only. Every cell counts loans MADE (HMDA action taken = 1). Applications, approvals the borrower did not accept, withdrawals and denials are all excluded, so this is a mix of lending, not of demand. Purpose classes partition the universe: refinance total = rate/term + cash-out, which is stated rather than stored as a column — the same discipline that ended the `refinance_count` collision between two surfaces.
U.S. 2025 originated mix
Weekly mortgage applications (Fannie Mae PALI / RALI)
The only weekly series in the product — every other figure on this page is annual HMDA published with a ~9-month lag
Purchase index · week to 2026-07-24
654.7
−14.8% vs 52 weeks ago
Refinance index · week to 2026-07-24
170.1
+6.0% vs 52 weeks ago
Refi split · rate-term vs cash-out
63.4 / 106.7
Equity extraction is the cash-out leg
Count-basis indices
309.7 / 96.6
Purchase / refi, applications rather than dollars
INDEX LEVEL · 2004-01-09 = 100 · DOLLAR BASIS
U.S. market by year
Agency & product mix by year
Share of originations by channel · conventional / FHA / VA / USDA sum to 100%
State markets 2025
Ranked by originations · open a state for its full trend history
GSE MARKET CONTEXT · PUBLIC AGENCY SUMMARIES
Agency vintage repurchase & credit box
Lifetime repurchase and origination credit-box context for Fannie Mae and Freddie Mac, by origination vintage. Transcribed from the two agencies' public, no-login summary PDFs — license-free and distinct from the licensed loan-level GSE datasets. Every figure carries its public citation below.
Fannie loans tracked (lifetime)
57.6M
Fannie lifetime repurchase rate
17.0 bps
HOUSEHOLD CREDIT CONTEXT · NY FED CONSUMER CREDIT PANEL / EQUIFAX
Mortgage balances, origination credit box & delinquency flow
The household balance-sheet leg next to the HMDA origination census: aggregate mortgage debt outstanding, origination volume by borrower credit-score band, and the quarterly flow of current mortgages into delinquency. Estimates from the NY Fed / Equifax 5% consumer-credit sample — a macro/credit context view, not a lender-level or loan-level source. Latest edition 2026Q1 (May 2026).
Mortgage debt · 2026 Q1
$13.2T
of $18.8T household debt
Mortgage share of debt
70.2%
of total household debt
Mortgage originations · 2026 Q1
$530B
new originations, that quarter
Flow into 90+ · 2026 Q1
0.26%
0.74% into 30-60 day
Attribution & methodology. Benchmarks are computed by MortRadar from Home Mortgage Disclosure Act (HMDA) public data files published by the Consumer Financial Protection Bureau (CFPB) and the Federal Financial Institutions Examination Council (FFIEC), covering activity years 2018–2025. Originations = loans originated (action taken 1); denial rate = denials / actioned applications (CFPB Data Browser convention); loan amounts are the public files' midpoint-rounded values. MortRadar's aggregations are derived works and are not published, reviewed, or endorsed by the CFPB, FFIEC, or any government agency. See data attribution and the disclaimer.
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