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MARKET BENCHMARKS · HMDA PUBLIC DATA

Minnesota mortgage market benchmarks

Minnesota origination trends 2018–2025 from HMDA public data: volume, denial rates, and purchase vs refinance mix. Free and open — no account required.

Originations 2025

122,789

+9.2% vs 2024

2024: 112,435

Volume 2025

$36.59B

originated $
2024: $30.21B

Denial rate 2025

13.6%

denied / actioned
2024: 14.2% denied / actioned

Reporting lenders 2025

886

HMDA reporters
2024: 856 reporters

Origination volume by year

Dollar volume of originated loans

$ VOLUME · HOVER FOR UNITS
$0$25B$50B$75B$100B20182019202020212022202320242025$36.59B

Loan purpose mix

Share of 2025 originations

Denial rate by year

Denials / actioned applications (CFPB convention)

0.0%8.3%16.6%2018201920202021202220232024202513.6%

Minnesota market by year

YEARLENDERSAPPLICATIONSORIGINATIONSVOLUMEDENIALPURCHASEREFI
2025886186,396122,789$36.59B2025 origination volume122,789 loans originated13.6%2025 denial rate186,396 applications actioned56.1%34.6%
2024856168,501112,435$30.21B2024 origination volume112,435 loans originated14.2%2024 denial rate168,501 applications actioned60.8%27.1%
2023865157,202105,409$27.09B2023 origination volume105,409 loans originated14.2%2023 denial rate157,202 applications actioned62.0%22.8%
2022870222,222149,309$40.59B2022 origination volume149,309 loans originated12.7%2022 denial rate222,222 applications actioned55.0%43.1%
2021863412,878294,913$76.38B2021 origination volume294,913 loans originated9.2%2021 denial rate412,878 applications actioned34.5%80.0%
2020883440,676312,951$79.36B2020 origination volume312,951 loans originated9.1%2020 denial rate440,676 applications actioned31.6%77.5%
2019893276,612190,793$46.28B2019 origination volume190,793 loans originated12.4%2019 denial rate276,612 applications actioned48.2%55.0%
2018846225,925153,761$33.68B2018 origination volume153,761 loans originated14.4%2018 denial rate225,925 applications actioned57.4%42.0%

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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