US mortgage lending
Follow mortgage lending from the housing bust to the rate shock
HMDA applications, originations and denials, plus FHFA’s National Mortgage Database market-composition series. The HMDA portion covers 2007 to 2024, the public Loan/Application Register, 311,597,371 loan-level records aggregated by year and state. The series carries the whole arc: the post-2007 housing bust, the 2020 refinancing wave, and the collapse to the 2023 trough when mortgage rates rose.
Data as of 2024 (HMDA public LAR, CFPB/FFIEC)
National mortgage activity
Origination volume, 2007–2024
Source: HMDA public LAR (CFPB/FFIEC), 2007-2024 Sum of loan amounts on originated loans (action taken = 1). Legacy-era amounts converted from thousands of dollars. Methodology
National mortgage activity
Applications and originations
Source: HMDA public LAR (CFPB/FFIEC), 2007-2024 Counts of loan-level records; the applications series excludes action codes 6 (purchased loans) and 7-8 (preapproval requests). Methodology
Denial rate
Denials as a share of applications that reached a credit decision: denied, originated, or approved but not accepted. Withdrawn and incomplete files are excluded from the denominator. The series high is 32.5% in 2007; the 2024 rate is 24.3%.
Source: HMDA public LAR (CFPB/FFIEC), 2007-2024 Denial rate = denials / (originations + denials + approved-not-accepted), identical definition in both schema eras. Methodology
Purchase vs refinance originations
Originated loans split by stated purpose. Refinancing peaked at 8,791,287 loans in 2020 (60% of that year’s originations), then collapsed when rates rose; in 2024 refinances were 1,465,890 against 3,517,224 purchase loans. The refinance series includes cash-out refinancings (reported separately only from 2018); home-improvement and other-purpose loans are charted separately.
Source: HMDA public LAR (CFPB/FFIEC), 2007-2024 Loan-purpose codes: purchase = 1 (both eras); refinance = 3 (2007-2017) and 31/32 (2018+); improvement = 2; other-purpose codes exist only from 2018. Methodology
Mortgage market composition, annual originations
HMDA does not tag loans by conforming, jumbo, government or Enterprise-acquired status. FHFA’s National Mortgage Database does. In 2024, the average contract rate on new mortgages was 6.4%, with conforming loans at 97.1% of all originations and jumbo at 2.9%. The government / non-conventional share reached a series high 30.8% in 2024, while jumbo last peaked at 10.7% in 2005.
Share of all originations
This is the sibling-safe leaf split of FHFA’s market tree: government / non-conventional, Enterprise-acquired, other conforming and jumbo. The four lines sum to the whole market each year.
Conforming versus jumbo
Alternate sibling cut of the same parent market: conforming equals all mortgages minus jumbo, so the two lines sum to 100% each year.
Source: FHFA National Mortgage Database (NMDB) Aggregate Statistics, annual new residential mortgage series, 1998-2024 | FHFA NMDB Aggregate Statistics Data Dictionary and Technical Notes, 2026Q1 | FHFA Stats Blog, What Types of Mortgages Do Fannie Mae and Freddie Mac Acquire? (market-share footnote) FHFA NMDB annual new-residential-mortgage statistics, national level only. Shares are computed from sibling TOT_ORIG rows (value1, loan-count weighted) after nulling any suppressed cells; the parent market is stated in the text. Methodology
Where the lending is: states in 2024
The fifteen largest state markets by origination volume in 2024, of the 54 states and territories with 2024 filings.
| # | State | Origination volume | Originations | Median loan | Denial rate |
|---|---|---|---|---|---|
| 1 | California CA | $288.36B | 509,170 | $415K | 24.9% |
| 2 | Texas TX | $172.33B | 491,716 | $275K | 26.0% |
| 3 | Florida FL | $170.37B | 474,589 | $275K | 29.1% |
| 4 | New York NY | $93.03B | 208,787 | $235K | 25.4% |
| 5 | North Carolina NC | $76.80B | 256,370 | $235K | 24.0% |
| 6 | Georgia GA | $71.15B | 227,610 | $255K | 26.9% |
| 7 | Washington WA | $67.51B | 153,279 | $355K | 21.3% |
| 8 | Virginia VA | $64.47B | 182,923 | $265K | 22.1% |
| 9 | New Jersey NJ | $60.55B | 156,392 | $305K | 26.1% |
| 10 | Colorado CO | $59.44B | 143,013 | $345K | 21.6% |
| 11 | Arizona AZ | $58.93B | 167,105 | $295K | 22.2% |
| 12 | Illinois IL | $55.77B | 203,770 | $195K | 23.3% |
| 13 | Pennsylvania PA | $55.67B | 245,926 | $165K | 24.2% |
| 14 | Ohio OH | $53.76B | 246,113 | $155K | 23.5% |
| 15 | Massachusetts MA | $51.56B | 119,508 | $325K | 22.3% |
All others: Tennessee · Michigan · Maryland · South Carolina · Indiana · Wisconsin · Missouri · Minnesota · Utah · Oregon · Nevada · Alabama · Connecticut · Kentucky · Oklahoma · Idaho · Louisiana · Kansas · Arkansas · Iowa · New Hampshire · Mississippi · Hawaii · New Mexico · Nebraska · Maine · Rhode Island · Delaware · Montana · District of Columbia · West Virginia · South Dakota · Alaska · Vermont · North Dakota · Wyoming · Puerto Rico · Guam · US Virgin Islands
Source: HMDA public LAR (CFPB/FFIEC), 2007-2024 Ranked by 2024 origination volume. Records with no state assigned are counted in the national figures but carry no state page. Methodology
See the full methodology for what HMDA is, the public-LAR privacy modifications, the NMDB market tree, the two schema eras and their exact code mappings, and the snapshot-revision caveat.