GITNUXREPORT 2025

Mortgage Industry Statistics

Mortgage industry consolidates amid record debt and rising digital closings.

Jannik Lindner

Jannik Linder

Co-Founder of Gitnux, specialized in content and tech since 2016.

First published: April 29, 2025

Our Commitment to Accuracy

Rigorous fact-checking • Reputable sources • Regular updatesLearn more

Key Statistics

Statistic 1

Nearly 85% of homebuyers finance their purchase with a mortgage

Statistic 2

First-time homebuyers financed approximately 44% of home purchases in 2023

Statistic 3

The average age of first-time homebuyers in the U.S. is 33 years

Statistic 4

The average credit score for approved mortgage applicants in the U.S. is around 750

Statistic 5

The average debt-to-income (DTI) ratio for approved mortgage borrowers in 2023 is about 36%

Statistic 6

The percentage of mortgage debt held by minority households increased to about 20% in 2023

Statistic 7

The median income of U.S. mortgage borrowers in 2023 was approximately $85,000

Statistic 8

Nearly 70% of first-time buyers took advantage of down payment assistance programs in 2023

Statistic 9

The average age of mortgage borrowers has increased to roughly 43 years in 2023

Statistic 10

Approximately 12% of homeowners with a mortgage considered refinancing in early 2023

Statistic 11

The delinquency rate on U.S. mortgages was around 3.2% in mid-2023

Statistic 12

The lowest recorded mortgage delinquency rates in the past decade occurred in early 2023, around 2.8%

Statistic 13

The mortgage delinquency rate for subprime borrowers is approximately 13% as of mid-2023

Statistic 14

The average cost of a mortgage defaulted property sale (REO) in the U.S. was around $250,000 in 2023

Statistic 15

The foreclosure rate in the U.S. dropped to an all-time low of about 0.2% in 2023

Statistic 16

The average mortgage loan term in the U.S. is around 30 years

Statistic 17

The typical down payment on a home in the U.S. was about 6% in 2023

Statistic 18

The average loan-to-value (LTV) ratio for new mortgages in 2023 was approximately 83%

Statistic 19

Approximately 15% of new mortgages in 2023 were refinances

Statistic 20

The median home price in the U.S. was around $400,000 in 2023

Statistic 21

The percentage of cash home buyers has increased to approximately 25% in 2023, up from 15% in 2019

Statistic 22

The share of VA-backed mortgages in total originations is roughly 11%

Statistic 23

The share of non-bank mortgage lenders increased to nearly 40% of the market in 2023

Statistic 24

The average cash-out refinance loan amount was around $75,000 in 2023

Statistic 25

As of Q2 2023, the total U.S. mortgage debt reached approximately $12 trillion

Statistic 26

About 62% of all U.S. mortgages are 30-year fixed-rate loans

Statistic 27

The national average mortgage interest rate for a 30-year fixed mortgage was approximately 6.5% in September 2023

Statistic 28

Approximately 10% of U.S. homeowners have a mortgage that is underwater (owing more than the home is worth)

Statistic 29

The share of adjustable-rate mortgages (ARMs) in the U.S. is about 8%

Statistic 30

Mortgage originations in the U.S. hit nearly $1.1 trillion in Q2 2023

Statistic 31

The typical mortgage application takes about 45-60 days to process

Statistic 32

The share of FHA-backed mortgages in U.S. is approximately 20% of all new originations

Statistic 33

The share of digital or online mortgage closings in the U.S. doubled between 2022 and 2023, reaching nearly 40%

Statistic 34

The average processing cost per mortgage in 2023 is estimated at around $7,000

Statistic 35

The percentage of mortgage applications approved in 2023 stands at approximately 65%

Statistic 36

The majority of mortgage applications are submitted via online platforms, accounting for over 65% of total applications in 2023

Statistic 37

The average closing time for a mortgage has decreased to about 30 days in 2023

Statistic 38

The volume of government-backed mortgage guarantees surpassed $4 trillion in 2023

Statistic 39

Nearly 70% of mortgage holders have fixed-rate home loans

Statistic 40

The residential mortgage market in the U.S. is projected to grow annually by about 3% through 2025

Statistic 41

Approximately 5% of all mortgage applications in 2023 involved a jumbo loan

Statistic 42

The average interest rate on a 15-year fixed mortgage was around 5.8% in September 2023

Statistic 43

The share of adjustable-rate mortgages in new originations dropped slightly in 2023 but remains around 8%

Statistic 44

The percentage of total mortgage originations completed via broker channels was approximately 35% in 2023

Statistic 45

The percentage of mortgages that are paid off early (prepaid) is approximately 15% annually

Statistic 46

The average mortgage interest deduction for U.S. taxpayers was about $9,000 in 2023

Statistic 47

The percentage of home equity lines of credit (HELOCs) in use decreased slightly in 2023, accounting for around 9% of total mortgage debt

Statistic 48

The number of mortgage applications processed digitally grew by over 50% from 2022 to 2023

Slide 1 of 48
Share:FacebookLinkedIn
Sources

Our Reports have been cited by:

Trust Badges - Publications that have cited our reports

Key Highlights

  • As of Q2 2023, the total U.S. mortgage debt reached approximately $12 trillion
  • The average mortgage loan term in the U.S. is around 30 years
  • About 62% of all U.S. mortgages are 30-year fixed-rate loans
  • The national average mortgage interest rate for a 30-year fixed mortgage was approximately 6.5% in September 2023
  • The delinquency rate on U.S. mortgages was around 3.2% in mid-2023
  • Nearly 85% of homebuyers finance their purchase with a mortgage
  • The typical down payment on a home in the U.S. was about 6% in 2023
  • First-time homebuyers financed approximately 44% of home purchases in 2023
  • The average age of first-time homebuyers in the U.S. is 33 years
  • The median home price in the U.S. was around $400,000 in 2023
  • Approximately 10% of U.S. homeowners have a mortgage that is underwater (owing more than the home is worth)
  • The share of adjustable-rate mortgages (ARMs) in the U.S. is about 8%
  • Mortgage originations in the U.S. hit nearly $1.1 trillion in Q2 2023

With U.S. mortgage debt soaring to nearly $12 trillion in 2023 and digital closings doubling in popularity, the mortgage industry is experiencing transformative shifts that continue to shape the American housing landscape.

Borrower Demographics and Financial Profiles

  • Nearly 85% of homebuyers finance their purchase with a mortgage
  • First-time homebuyers financed approximately 44% of home purchases in 2023
  • The average age of first-time homebuyers in the U.S. is 33 years
  • The average credit score for approved mortgage applicants in the U.S. is around 750
  • The average debt-to-income (DTI) ratio for approved mortgage borrowers in 2023 is about 36%
  • The percentage of mortgage debt held by minority households increased to about 20% in 2023
  • The median income of U.S. mortgage borrowers in 2023 was approximately $85,000
  • Nearly 70% of first-time buyers took advantage of down payment assistance programs in 2023
  • The average age of mortgage borrowers has increased to roughly 43 years in 2023
  • Approximately 12% of homeowners with a mortgage considered refinancing in early 2023

Borrower Demographics and Financial Profiles Interpretation

As mortgage trends tip toward maturity, with first-time buyers aging into their homes around 43 and leveraging assistance programs, the industry signals a seasoned market where nearly 85% of buyers rely on financing, minorities are gaining a larger stake, and a high credit score still opens the door—reminding us that while homeownership is increasingly accessible, the path remains seasoned with strategic financial navigation.

Default, Delinquency, and Foreclosure Metrics

  • The delinquency rate on U.S. mortgages was around 3.2% in mid-2023
  • The lowest recorded mortgage delinquency rates in the past decade occurred in early 2023, around 2.8%
  • The mortgage delinquency rate for subprime borrowers is approximately 13% as of mid-2023
  • The average cost of a mortgage defaulted property sale (REO) in the U.S. was around $250,000 in 2023
  • The foreclosure rate in the U.S. dropped to an all-time low of about 0.2% in 2023

Default, Delinquency, and Foreclosure Metrics Interpretation

While U.S. mortgage delinquency rates have hit historic lows and foreclosures are at a mere 0.2%, the persistent 13% delinquency among subprime borrowers serves as a stark reminder that economic comfort remains unevenly distributed across the American mortgage landscape.

Loan Terms and Conditions

  • The average mortgage loan term in the U.S. is around 30 years
  • The typical down payment on a home in the U.S. was about 6% in 2023
  • The average loan-to-value (LTV) ratio for new mortgages in 2023 was approximately 83%
  • Approximately 15% of new mortgages in 2023 were refinances

Loan Terms and Conditions Interpretation

With a 30-year marathon, a modest 6% down, and an LTV of 83%, today's homebuyers are balancing long-term dreams with prudent borrowing, even as 15% opt to refinance—highlighting a cautious yet flexible real estate landscape.

Market Segments and Funding Sources

  • The median home price in the U.S. was around $400,000 in 2023
  • The percentage of cash home buyers has increased to approximately 25% in 2023, up from 15% in 2019
  • The share of VA-backed mortgages in total originations is roughly 11%
  • The share of non-bank mortgage lenders increased to nearly 40% of the market in 2023
  • The average cash-out refinance loan amount was around $75,000 in 2023

Market Segments and Funding Sources Interpretation

As cash buyers and non-bank lenders ramp up their market presence amid resilient home prices and a steady share of VA-backed loans, today's mortgage landscape reveals a marketplace shifting toward cash-rich investors and diverse financing options, all while homeowners leverage substantial cash-out refis to fund their next chapters.

Mortgage Market Overview and Trends

  • As of Q2 2023, the total U.S. mortgage debt reached approximately $12 trillion
  • About 62% of all U.S. mortgages are 30-year fixed-rate loans
  • The national average mortgage interest rate for a 30-year fixed mortgage was approximately 6.5% in September 2023
  • Approximately 10% of U.S. homeowners have a mortgage that is underwater (owing more than the home is worth)
  • The share of adjustable-rate mortgages (ARMs) in the U.S. is about 8%
  • Mortgage originations in the U.S. hit nearly $1.1 trillion in Q2 2023
  • The typical mortgage application takes about 45-60 days to process
  • The share of FHA-backed mortgages in U.S. is approximately 20% of all new originations
  • The share of digital or online mortgage closings in the U.S. doubled between 2022 and 2023, reaching nearly 40%
  • The average processing cost per mortgage in 2023 is estimated at around $7,000
  • The percentage of mortgage applications approved in 2023 stands at approximately 65%
  • The majority of mortgage applications are submitted via online platforms, accounting for over 65% of total applications in 2023
  • The average closing time for a mortgage has decreased to about 30 days in 2023
  • The volume of government-backed mortgage guarantees surpassed $4 trillion in 2023
  • Nearly 70% of mortgage holders have fixed-rate home loans
  • The residential mortgage market in the U.S. is projected to grow annually by about 3% through 2025
  • Approximately 5% of all mortgage applications in 2023 involved a jumbo loan
  • The average interest rate on a 15-year fixed mortgage was around 5.8% in September 2023
  • The share of adjustable-rate mortgages in new originations dropped slightly in 2023 but remains around 8%
  • The percentage of total mortgage originations completed via broker channels was approximately 35% in 2023
  • The percentage of mortgages that are paid off early (prepaid) is approximately 15% annually
  • The average mortgage interest deduction for U.S. taxpayers was about $9,000 in 2023
  • The percentage of home equity lines of credit (HELOCs) in use decreased slightly in 2023, accounting for around 9% of total mortgage debt
  • The number of mortgage applications processed digitally grew by over 50% from 2022 to 2023

Mortgage Market Overview and Trends Interpretation

With a $12 trillion mortgage debt and nearly 70% of homeowners locked into fixed rates despite rising interest costs, the U.S. mortgage market demonstrates both resilience and adaptability, as digital processing doubles and government-backed guarantees surpass $4 trillion—highlighting a profession balancing cautious risk management with innovative efficiency amidst a housing landscape where underwater mortgages and moderate growth remind us that securing a home remains both a substantial investment and a complex endeavor.