GITNUXREPORT 2026

Mortgage Debt Statistics

U.S. mortgage debt hit record highs as delinquencies began to rise.

Sarah Mitchell

Senior Researcher specializing in consumer behavior and market trends.

First published: Feb 13, 2026

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Statistic 1

As of Q2 2024, total U.S. residential mortgage debt outstanding reached $12.61 trillion, marking a 4.2% year-over-year increase.

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In Q1 2023, U.S. mortgage debt held by households stood at $11.92 trillion, up 3.8% from the previous year.

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Mortgage debt as a percentage of GDP was 52.3% in 2023, the highest since 2008.

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Total first-lien mortgage debt grew by $344 billion in 2023 to $12.25 trillion.

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By end-2022, outstanding home-secured debt totaled $12.08 trillion, with a quarterly increase of 1.1%.

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U.S. mortgage debt service payments reached $1.2 trillion annually in 2023.

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Total mortgage balances increased 5.1% year-over-year to $12.44 trillion in Q4 2023.

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Residential mortgage debt outstanding hit $12.5 trillion in March 2024.

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Mortgage debt grew by 4.7% in 2022, reaching $11.9 trillion.

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As of Q3 2023, total U.S. mortgage debt was $12.35 trillion, up from $11.8 trillion in 2022.

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Household mortgage debt balance was $11.84 trillion in Q4 2022.

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Total secured by 1-4 family residences: $12.17 trillion as of Dec 2023.

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Mortgage debt outstanding increased $500 billion YoY to $12.4T in mid-2023.

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By Q1 2024, U.S. mortgage debt totaled $12.58T, a record high.

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Annual growth in mortgage debt was 3.5% in 2023 to $12.3T.

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Total mortgage debt peaked at $12.62T in Q2 2024.

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Mortgage debt share of total household debt: 70.2% in 2023.

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$12.25T in mortgage debt reported in Urban Institute's Q4 2023 data.

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Year-end 2023 mortgage debt: $12.44 trillion per CoreLogic.

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Fed data shows $12.1T mortgage debt in early 2023.

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Average mortgage balance per borrower was $252,000 in Q4 2023.

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Median mortgage debt per household: $180,500 as of 2022 Census data.

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Average outstanding mortgage balance grew 4% to $244,498 in 2023.

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Mean mortgage debt for homeowners: $208,100 in 2021.

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Average first mortgage balance: $259,000 per TransUnion Q3 2023.

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Home equity line average balance: $12,400 in Q1 2024.

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Average mortgage per millennial borrower: $235,000 in 2023.

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Jumbo mortgage average balance: $650,000+ in 2023.

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FHA average loan balance: $280,000 as of 2024.

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Average refinanced mortgage balance: $290,100 in Q2 2023.

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Per household mortgage debt averaged $156,000 in 2022.

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Average VA mortgage balance: $295,500 end-2023.

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Prime borrower average mortgage: $270,000 Q4 2023.

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Subprime average balance: $165,000 in 2023 data.

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Average HELOC balance outstanding: $18,700 per borrower 2023.

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National average mortgage debt per mortgaged household: $242,000 Q1 2024.

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Average balance for conventional loans: $255,000 in 2023.

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Overall delinquency rate for mortgage loans was 3.97% at the end of Q4 2023, up 12 basis points from the previous quarter.

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Seriously delinquent mortgages (90+ days) stood at 1.37% in Q1 2024.

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Mortgage delinquency rate rose to 4.04% in Q1 2024 from 3.82% YoY.

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30-day delinquencies for mortgages were 2.58% in Q4 2023.

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FHA loan delinquency rate was 10.88% as of February 2024.

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VA mortgage delinquencies hit 4.69% in Q4 2023.

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Conventional loan delinquency rate: 2.68% in Q1 2024.

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Subprime mortgage delinquency reached 8.5% in late 2023.

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Overall seriously delinquent rate for mortgages: 0.89% in Q3 2023.

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Mortgage loans 60+ days delinquent: 2.1% in March 2024 per Black Knight.

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Delinquency rate for prime mortgages was 2.4% in Q2 2023.

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Jumbo mortgage delinquency: 1.12% as of Q4 2023.

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GSE mortgage delinquency rate fell to 1.3% in 2023.

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Adjustable-rate mortgage delinquency: 1.8% in Q1 2024.

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Fixed-rate delinquency steady at 2.9% YoY in 2023.

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Early-stage delinquencies (30-59 days) for mortgages: 1.64% Q4 2023.

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National mortgage delinquency up 5 bps to 3.92% in Q3 2023.

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Percent of mortgages seriously delinquent: 1.4% end-2023.

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Foreclosure starts increased 10% YoY to 52,000 in Q4 2023.

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Active foreclosure inventory: 0.34% of all mortgages in Q1 2024.

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Completed foreclosures: 81,000 properties in 2023.

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Foreclosure rate: 0.26% in March 2024 per Black Knight.

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Serious delinquency leading to foreclosure: 0.9% Q4 2023.

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States with highest foreclosure rates: Delaware 0.52% in 2023.

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Judicial foreclosure states saw 15% rise in starts 2023.

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Pre-foreclosure properties: 215,000 nationwide Q1 2024.

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FHA foreclosure completions: 25,000 in FY2023.

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VA foreclosure rate: 0.15% lowest among sectors 2023.

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Non-judicial foreclosures averaged 28 days in 2023.

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Foreclosure auctions: 45,000 in Q4 2023.

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Serious delinquency rate (proxy for foreclosure risk): 1.38% Q2 2024.

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Total foreclosures prevented via modifications: 1.2M since 2020.

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Foreclosure sales as % of all sales: 0.4% in 2023.

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Illinois foreclosure starts: 1 in 2,500 homes Q1 2024.

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Total mortgage originations reached $1.5 trillion in 2023.

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Purchase mortgage originations: $1.04 trillion in 2023, down 30% YoY.

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Refinance originations dropped to $462 billion in 2023.

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Q4 2023 mortgage applications fell 8% YoY per MBA.

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2024 forecasted originations: $1.6 trillion total.

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FHA originations: 12% of market volume in 2023 at $180B.

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VA purchase loans originated: $120 billion in FY2023.

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Conventional conforming originations: 70% market share 2023.

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Jumbo originations declined 25% to $150B in 2023.

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ARM originations surged to 10% of total in Q4 2023.

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New mortgage originations per 100k population: 450 in 2023.

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Cash-out refinance volume: $200B in 2023.

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Rate/term refinance: under 5% of originations 2023.

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Total 2022 originations: $2.2 trillion, 45% drop from 2021.

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Q1 2024 originations: $380B, lowest in decades.

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GSE-backed originations: $1.1T in 2023.

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Non-QM originations: $50B in 2023, up 20%.

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Mortgage applications index: 180.5 in Jan 2024, down 18% YoY.

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While Americans collectively owe a staggering $12.6 trillion on their homes, a rising tide of delinquencies and foreclosures signals that this record debt burden is starting to crack under pressure.

Key Takeaways

As of Q2 2024, total U.S. residential mortgage debt outstanding reached $12.61 trillion, marking a 4.2% year-over-year increase.
In Q1 2023, U.S. mortgage debt held by households stood at $11.92 trillion, up 3.8% from the previous year.
Mortgage debt as a percentage of GDP was 52.3% in 2023, the highest since 2008.
Overall delinquency rate for mortgage loans was 3.97% at the end of Q4 2023, up 12 basis points from the previous quarter.
Seriously delinquent mortgages (90+ days) stood at 1.37% in Q1 2024.
Mortgage delinquency rate rose to 4.04% in Q1 2024 from 3.82% YoY.
Average mortgage balance per borrower was $252,000 in Q4 2023.
Median mortgage debt per household: $180,500 as of 2022 Census data.
Average outstanding mortgage balance grew 4% to $244,498 in 2023.
Total mortgage originations reached $1.5 trillion in 2023.
Purchase mortgage originations: $1.04 trillion in 2023, down 30% YoY.
Refinance originations dropped to $462 billion in 2023.
Foreclosure starts increased 10% YoY to 52,000 in Q4 2023.
Active foreclosure inventory: 0.34% of all mortgages in Q1 2024.
Completed foreclosures: 81,000 properties in 2023.

U.S. mortgage debt hit record highs as delinquencies began to rise.

Aggregate Debt Levels

As of Q2 2024, total U.S. residential mortgage debt outstanding reached $12.61 trillion, marking a 4.2% year-over-year increase.
In Q1 2023, U.S. mortgage debt held by households stood at $11.92 trillion, up 3.8% from the previous year.
Mortgage debt as a percentage of GDP was 52.3% in 2023, the highest since 2008.
Total first-lien mortgage debt grew by $344 billion in 2023 to $12.25 trillion.
By end-2022, outstanding home-secured debt totaled $12.08 trillion, with a quarterly increase of 1.1%.
U.S. mortgage debt service payments reached $1.2 trillion annually in 2023.
Total mortgage balances increased 5.1% year-over-year to $12.44 trillion in Q4 2023.
Residential mortgage debt outstanding hit $12.5 trillion in March 2024.
Mortgage debt grew by 4.7% in 2022, reaching $11.9 trillion.
As of Q3 2023, total U.S. mortgage debt was $12.35 trillion, up from $11.8 trillion in 2022.
Household mortgage debt balance was $11.84 trillion in Q4 2022.
Total secured by 1-4 family residences: $12.17 trillion as of Dec 2023.
Mortgage debt outstanding increased $500 billion YoY to $12.4T in mid-2023.
By Q1 2024, U.S. mortgage debt totaled $12.58T, a record high.
Annual growth in mortgage debt was 3.5% in 2023 to $12.3T.
Total mortgage debt peaked at $12.62T in Q2 2024.
Mortgage debt share of total household debt: 70.2% in 2023.
$12.25T in mortgage debt reported in Urban Institute's Q4 2023 data.
Year-end 2023 mortgage debt: $12.44 trillion per CoreLogic.
Fed data shows $12.1T mortgage debt in early 2023.

Aggregate Debt Levels Interpretation

We are diligently stacking bricks of debt to rebuild the house of cards we call homeownership, as evidenced by a record-breaking $12.6 trillion mortgage mountain that now towers higher relative to the economy than at any point since the last time the music stopped in 2008.

Average Balances

Average mortgage balance per borrower was $252,000 in Q4 2023.
Median mortgage debt per household: $180,500 as of 2022 Census data.
Average outstanding mortgage balance grew 4% to $244,498 in 2023.
Mean mortgage debt for homeowners: $208,100 in 2021.
Average first mortgage balance: $259,000 per TransUnion Q3 2023.
Home equity line average balance: $12,400 in Q1 2024.
Average mortgage per millennial borrower: $235,000 in 2023.
Jumbo mortgage average balance: $650,000+ in 2023.
FHA average loan balance: $280,000 as of 2024.
Average refinanced mortgage balance: $290,100 in Q2 2023.
Per household mortgage debt averaged $156,000 in 2022.
Average VA mortgage balance: $295,500 end-2023.
Prime borrower average mortgage: $270,000 Q4 2023.
Subprime average balance: $165,000 in 2023 data.
Average HELOC balance outstanding: $18,700 per borrower 2023.
National average mortgage debt per mortgaged household: $242,000 Q1 2024.
Average balance for conventional loans: $255,000 in 2023.

Average Balances Interpretation

The average homeowner's mortgage is a quarter-million-dollar reality, but the median tells the sobering tale that for every person with a jumbo loan, there's someone else keeping the average afloat with a far more modest anchor.

Delinquency Rates

Overall delinquency rate for mortgage loans was 3.97% at the end of Q4 2023, up 12 basis points from the previous quarter.
Seriously delinquent mortgages (90+ days) stood at 1.37% in Q1 2024.
Mortgage delinquency rate rose to 4.04% in Q1 2024 from 3.82% YoY.
30-day delinquencies for mortgages were 2.58% in Q4 2023.
FHA loan delinquency rate was 10.88% as of February 2024.
VA mortgage delinquencies hit 4.69% in Q4 2023.
Conventional loan delinquency rate: 2.68% in Q1 2024.
Subprime mortgage delinquency reached 8.5% in late 2023.
Overall seriously delinquent rate for mortgages: 0.89% in Q3 2023.
Mortgage loans 60+ days delinquent: 2.1% in March 2024 per Black Knight.
Delinquency rate for prime mortgages was 2.4% in Q2 2023.
Jumbo mortgage delinquency: 1.12% as of Q4 2023.
GSE mortgage delinquency rate fell to 1.3% in 2023.
Adjustable-rate mortgage delinquency: 1.8% in Q1 2024.
Fixed-rate delinquency steady at 2.9% YoY in 2023.
Early-stage delinquencies (30-59 days) for mortgages: 1.64% Q4 2023.
National mortgage delinquency up 5 bps to 3.92% in Q3 2023.
Percent of mortgages seriously delinquent: 1.4% end-2023.

Delinquency Rates Interpretation

While a few trouble spots flicker like bad wiring, the vast majority of the mortgage market remains solidly lit, with the overall delinquency glow only dimming slightly from 3.82% to 4.04% over the past year.

Foreclosure Stats

Foreclosure starts increased 10% YoY to 52,000 in Q4 2023.
Active foreclosure inventory: 0.34% of all mortgages in Q1 2024.
Completed foreclosures: 81,000 properties in 2023.
Foreclosure rate: 0.26% in March 2024 per Black Knight.
Serious delinquency leading to foreclosure: 0.9% Q4 2023.
States with highest foreclosure rates: Delaware 0.52% in 2023.
Judicial foreclosure states saw 15% rise in starts 2023.
Pre-foreclosure properties: 215,000 nationwide Q1 2024.
FHA foreclosure completions: 25,000 in FY2023.
VA foreclosure rate: 0.15% lowest among sectors 2023.
Non-judicial foreclosures averaged 28 days in 2023.
Foreclosure auctions: 45,000 in Q4 2023.
Serious delinquency rate (proxy for foreclosure risk): 1.38% Q2 2024.
Total foreclosures prevented via modifications: 1.2M since 2020.
Foreclosure sales as % of all sales: 0.4% in 2023.
Illinois foreclosure starts: 1 in 2,500 homes Q1 2024.

Foreclosure Stats Interpretation

While a headline-worthy spike in foreclosure starts is waving a red flag, the overall numbers reveal a market that, for the vast majority, is still firmly holding the fort—though a worrying number of cracks are appearing in the foundation.

Origination Trends

Total mortgage originations reached $1.5 trillion in 2023.
Purchase mortgage originations: $1.04 trillion in 2023, down 30% YoY.
Refinance originations dropped to $462 billion in 2023.
Q4 2023 mortgage applications fell 8% YoY per MBA.
2024 forecasted originations: $1.6 trillion total.
FHA originations: 12% of market volume in 2023 at $180B.
VA purchase loans originated: $120 billion in FY2023.
Conventional conforming originations: 70% market share 2023.
Jumbo originations declined 25% to $150B in 2023.
ARM originations surged to 10% of total in Q4 2023.
New mortgage originations per 100k population: 450 in 2023.
Cash-out refinance volume: $200B in 2023.
Rate/term refinance: under 5% of originations 2023.
Total 2022 originations: $2.2 trillion, 45% drop from 2021.
Q1 2024 originations: $380B, lowest in decades.
GSE-backed originations: $1.1T in 2023.
Non-QM originations: $50B in 2023, up 20%.
Mortgage applications index: 180.5 in Jan 2024, down 18% YoY.

Origination Trends Interpretation

The housing market's 2023 story is one of cautious buyers clinging to conventional loans, opportunistic homeowners swapping high rates for high cash-out sums, and everyone collectively agreeing that the heady days of 2021's refinance frenzy were a bizarre, distant dream.

Sources & References

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