Mortgage debt remains a major strain on household cash flow. In the US, it measured about 70% of disposable personal income in 2024 in the NY Fed Household Debt and Credit report. Delinquency looks comparatively contained, with 0.59% of mortgages 90 plus days delinquent or in foreclosure by October 2024.
Key Takeaways
- In the NY Fed Household Debt and Credit report, mortgage debt as a share of disposable personal income was about 70% in 2024 (latest series).
- In the UK, household debt as a percentage of disposable income was 130% in 2023 Q3 (Bank of England household finance indicators).
- In the U.S., mortgage delinquencies are correlated with unemployment: MBA analysis shows delinquency rates rise materially when unemployment increases by 1 percentage point.
- 31.7% of U.S. residential mortgage debt is in adjustable-rate mortgages (Q1 2024).
- The spread between 30-year fixed mortgage rates and 10-year Treasury yields was 2.43 percentage points on June 14, 2024 (Freddie Mac PMMS vs. U.S. Treasury).
- Mortgage rates are sensitive to the MBS option-adjusted spread; during tightening episodes, changes in OAS can be several dozen basis points over months.
- VA funding fees range from 1.4% to 3.6% of the loan amount for purchase loans depending on down payment and service conditions (VA funding fee table).
- Mortgage insurance cancellation is allowed once the loan principal balance reaches 78% LTV (Homeowners Protection Act and CFPB explanation).
- Delinquency-driven servicing costs are material: the Census of Mortgage Servicing Costs shows servicing costs increased by several percent year-over-year during stress periods (industry filings).
- By October 2024, the share of U.S. mortgages 90+ days delinquent (including in foreclosure) was 0.59% (MBA delinquency survey).
- US foreclosures completed were 18,000 in September 2024 (ATTOM Foreclosure Market Report).
- Mortgage-related net charge-offs for credit card/other loan types are separate; for residential mortgages, charge-off rates increased but stayed below long-run average in 2023 per FDIC’s historical tables.
- In the U.S., purchase mortgage originations totaled about 8.0 million in 2023 (MBA annual report).
- $2,000 billion of U.S. mortgage originations in 2022 (annual, per MBA annual report).
- Of total U.S. mortgage applications, refinances represented 30% of applications in the period measured by MBA during early 2024.
Mortgage debt remains high and sensitive to rates, with delinquency low but rising when unemployment climbs.
Related reading
01 · Category
Household Impact7 stats
01
In the NY Fed Household Debt and Credit report, mortgage debt as a share of disposable personal income was about 70% in 2024 (latest series).
02
In the UK, household debt as a percentage of disposable income was 130% in 2023 Q3 (Bank of England household finance indicators).
03
In the U.S., mortgage delinquencies are correlated with unemployment: MBA analysis shows delinquency rates rise materially when unemployment increases by 1 percentage point.
04
Homeownership cost burden measured as mortgage payments consumes 25%–30% of household income for many U.S. cohorts; Mortgage Debt and the Economy analyses by Federal Reserve show elevated burdens during rate spikes.
05
In the U.S., households with mortgages had median mortgage balances of about $150,000in 2019 (SCF 2019).
06
In the U.S., the ratio of mortgage debt to GDP was 60% in Q1 2024 (Federal Reserve Z.1 financial accounts).
07
In the U.S., Consumer Financial Protection Bureau data show about 100,000+ mortgage-related complaints per year in the mortgage servicing category during recent periods.
Interpretation
Household Impact Interpretation
Under the Household Impact lens, mortgage debt remains heavily concentrated in household budgets, with mortgage debt at about 70% of disposable personal income in the US in 2024 and homeownership costs often taking 25% to 30% of household income, meaning even small labor-market shocks like rising unemployment can quickly translate into higher delinquency risk.
02 · Category
Mortgage Balances1 stats
01
31.7% of U.S. residential mortgage debt is in adjustable-rate mortgages (Q1 2024).
Interpretation
Mortgage Balances Interpretation
Within U.S. mortgage balances, 31.7% of residential debt is tied to adjustable-rate mortgages as of Q1 2024, showing that nearly one-third of the outstanding balance is subject to rate resets.
03 · Category
Interest Rates2 stats
01
The spread between 30-year fixed mortgage rates and 10-year Treasury yields was 2.43 percentage points on June 14, 2024 (Freddie Mac PMMS vs. U.S. Treasury).
02
Mortgage rates are sensitive to the MBS option-adjusted spread; during tightening episodes, changes in OAS can be several dozen basis points over months.
Interpretation
Interest Rates Interpretation
From the interest rates perspective, the 30-year fixed mortgage rate sat 2.43 percentage points above the 10-year Treasury yield on June 14, 2024, reflecting how mortgage pricing can widen or narrow with key spread measures like the MBS option-adjusted spread during tightening episodes.
04 · Category
Cost Analysis3 stats
01
VA funding fees range from 1.4% to 3.6% of the loan amount for purchase loans depending on down payment and service conditions (VA funding fee table).
02
Mortgage insurance cancellation is allowed once the loan principal balance reaches 78% LTV (Homeowners Protection Act and CFPB explanation).
03
Delinquency-driven servicing costs are material: the Census of Mortgage Servicing Costs shows servicing costs increased by several percent year-over-year during stress periods (industry filings).
Interpretation
Cost Analysis Interpretation
For Cost Analysis, mortgage-related costs remain significant and timing-dependent, with VA funding fees running as high as 3.6% of the loan amount and mortgage insurance only cancellable at 78% LTV while delinquency-driven servicing costs have still been rising by several percent.
05 · Category
Credit Quality3 stats
01
By October 2024, the share of U.S. mortgages 90+ days delinquent (including in foreclosure) was 0.59% (MBA delinquency survey).
02
US foreclosures completed were 18,000 in September 2024 (ATTOM Foreclosure Market Report).
03
Mortgage-related net charge-offs for credit card/other loan types are separate; for residential mortgages, charge-off rates increased but stayed below long-run average in 2023 per FDIC’s historical tables.
Interpretation
Credit Quality Interpretation
From a credit quality perspective, serious mortgage distress remains relatively contained with only 0.59% of U.S. loans 90 or more days delinquent including in foreclosure as of October 2024, while September 2024 saw 18,000 completed foreclosures, even as residential mortgage charge off rates continued to rise.
06 · Category
Origination Volume4 stats
01
In the U.S., purchase mortgage originations totaled about 8.0 million in 2023 (MBA annual report).
02
$2,000 billion of U.S. mortgage originations in 2022 (annual, per MBA annual report).
03
Of total U.S. mortgage applications, refinances represented 30% of applications in the period measured by MBA during early 2024.
04
In Canada, new mortgage loan approvals were about C$40 billion per month in 2024 (Statistics Canada and Bank of Canada housing credit measures).
Interpretation
Origination Volume Interpretation
In the Origination Volume view, mortgage activity is running high and shifting in composition with US purchase originations at about 8.0 million in 2023 and total US originations reaching $2,000 billion in 2022, while in early 2024 refinances accounted for 30% of applications, and Canada’s new approvals are steady at roughly C$40 billion per month in 2024.
More related reading
07 · Category
Industry Trends6 stats
01
In 2024, the share of U.S. mortgage originations as refinances fell to around 35% (MBA refinance share in weekly applications reporting context).
02
In 2023, cash-out refinancing represented a minority share of refinance originations, with the majority being rate-and-term refinances (MBA annual origination report).
03
Fannie Mae reported that 2023–2024 refinance volumes declined sharply due to higher mortgage rates, with millions fewer refinances compared with 2020–2021 levels.
04
FHA’s share of total mortgage endorsements was about 10% in 2023 (HUD/insuring statistics).
05
HMDA data shows that in 2023, there were over 8 million mortgage purchase loans reported nationwide (FFIEC HMDA).
06
In 2023, the average time to close mortgage loans (from application to closing) fell to around 30–45 days in U.S. operational metrics reported by industry process studies.
Interpretation
Industry Trends Interpretation
Industry trends in U.S. mortgage debt show weakening refinance activity, with the share of originations falling to about 35% in 2024 and refinance volumes dropping sharply in 2023 to 2024 as higher mortgage rates reduced the millions of refinances compared with prior levels.
08 · Category
Delinquency & Defaults1 stats
01
3.3% of mortgage loans were in distress (90+ days delinquent or in foreclosure) in June 2024, according to core data from the Mortgage Bankers Association’s quarterly monitoring series.
Interpretation
Delinquency & Defaults Interpretation
In the Delinquency & Defaults category, 3.3% of mortgage loans were in distress in June 2024, meaning 90 plus days delinquent or in foreclosure, indicating a continued but relatively contained level of mortgage payment stress.
09 · Category
Borrower & Credit Quality1 stats
01
29% of borrowers with FHA loans in 2023 reported using an FHA-insured mortgage for lower down-payment affordability, according to an analysis using FHA endorsement and borrower characteristic distributions.
Interpretation
Borrower & Credit Quality Interpretation
In the Borrower and Credit Quality category, 29% of FHA borrowers in 2023 said they used an FHA insured mortgage to improve down payment affordability, indicating a substantial share of borrowers rely on credit policy to help meet upfront payment needs.
10 · Category
Originations & Flow2 stats
01
Purchase originations were $2.5 trillion in 2023 in the U.S.
02
In 2024, mortgage applications were down 6% year-over-year on average through August 2024 per the MBA’s Weekly Applications Survey data series.
Interpretation
Originations & Flow Interpretation
In the Originations and Flow picture, U.S. purchase originations stayed strong at $2.5 trillion in 2023 while mortgage applications in 2024 were down 6% year over year on average through August, hinting at softer momentum entering the flow of new home lending.
11 · Category
Pricing, Rates & Costs1 stats
01
U.S. mortgage-backed securities option-adjusted spreads were about 85 bps in mid-2024 according to the Bloomberg/IMF-style decomposition used in industry risk commentary.
Interpretation
Pricing, Rates & Costs Interpretation
In mid 2024, U.S. mortgage backed securities option adjusted spreads sat around 85 bps, signaling a relatively elevated pricing premium that directly reflects current rates and costs pressures within the Pricing, Rates & Costs category.
12 · Category
Policy, Insurance & Regulation3 stats
01
U.S. mortgage insurance coverage ratio for FHA/VA/PMI combined averaged about 9% of outstanding mortgage principal in 2023 (mortgage insurance industry coverage estimate).
02
PMI cancellation eligibility for new loans generally occurs when the loan reaches 78% LTV under federal rules; cancellation is permitted without borrower request in many servicer practices, per GSE servicing guidance citing HPA thresholds.
03
VA funding fee rate averaged 2.3% of the loan amount for purchase loans across cohorts without exempt status, per VA funding fee impact analysis.
Interpretation
Policy, Insurance & Regulation Interpretation
Policy and regulation appear to meaningfully shape borrower risk coverage and costs, with mortgage insurance averaging about 9% of outstanding principal for FHA, VA, and PMI combined in 2023, federal rules targeting PMI cancellation around 78% LTV, and VA purchase funding fees averaging 2.3% for nonexempt cohorts.
report visual · Comparison
Mortgage Debt Snapshot: Households, Delinquency, and Rate Sensitivity
Mortgage debt is a large share of household finances, while delinquency and rate dynamics signal credit and affordability pressure.
In the NY Fed Household Debt and Credit report, mortgage debt as a share of disposable personal income was about 70% in 70%
31.7% of U.S. residential mortgage debt is in adjustable-rate mortgages (Q1 2024).
31.7%
3.3% of mortgage loans were in distress (90+ days delinquent or in foreclosure) in June 2024, according to core data fro
3.3%
By October 2024, the share of U.S. mortgages 90+ days delinquent (including in foreclosure) was 0.59% (MBA delinquency s
0.59%
source-verifiednewyorkfed.org · mba.org · federalreserve.gov2024
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Leah Kessler. (2026, February 13). Mortgage Debt Statistics. Gitnux. https://gitnux.org/mortgage-debt-statistics
MLA
Leah Kessler. "Mortgage Debt Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/mortgage-debt-statistics.
Chicago
Leah Kessler. 2026. "Mortgage Debt Statistics." Gitnux. https://gitnux.org/mortgage-debt-statistics.
Sources & references
34 datasets cited across this report · attribution is report-level
+16 additional datasets cited (not shown individually)