First-time homebuyers fell to 26% of purchase loans in 2023, down from 32% before the pandemic. Median homebuyer age climbed to 56 as markets tightened and average down payments stayed at 14% across buyers and 7% for first-timers. This data-driven snapshot connects who is buying, who is being priced out, and how delinquency risk varies by loan type.
Key Takeaways
- First-time homebuyers comprised 26% of purchase loans in 2023, down from 32% pre-pandemic
- Serious delinquency rate for mortgages was 0.87% in Q4 2023, lowest in decades
- 30-year fixed mortgage rates averaged 6.81% in 2023, up from 5.34% in 2022
- United Wholesale Mortgage held 8.5% market share in originations for 2023
- In 2023, total U.S. mortgage originations volume reached $1.88 trillion, a 35% decline from 2022 due to higher interest rates
Mortgage rates and home sales trends show how affordability is shifting across the market.
Related reading
01 · Category
Borrower Demographics27 stats
01
First-time homebuyers comprised 26% of purchase loans in 2023, down from 32% pre-pandemic
02
Median age of homebuyers rose to 56 in 2023 from 49 in 2019
03
38% of buyers were millennials (born 1981-1996) in 2023
04
White borrowers received 72% of 2022 originations by volume
05
Hispanic buyers share increased to 19% of transactions in 2023
06
Median FICO score for purchase loans was 754 in Q4 2023
07
24% of 2023 buyers were single females, up from 19% in 2019
08
Average down payment was 14% for all buyers, 7% for first-timers in 2023
09
68% of repeat buyers used conventional loans in 2023
10
Black borrowers' denial rate was 14.1% in 2022 HMDA data
11
62% of buyers under 35 had student debt averaging $33,000 in 2023
12
Veteran borrowers took 9% of purchase loans in 2023
13
Median household income for buyers was $107,000in 2023, up 5%
14
15% of 2023 loans went to LMI (low-moderate income) borrowers
15
Female-headed households 34% of FHA borrowers in 2023
16
81% of buyers were married couples in 2023
17
Asian buyers median income $125,000,highest demographic in 2023
18
Debt-to-income ratio averaged 36% for 2023 originations
19
43% of first-time buyers delayed purchase due to affordability in 2023
20
Rural borrowers 12% of volume, urban 65% in 2023 HMDA
21
Self-employed borrowers share rose to 11% in 2023
22
Gen Z buyers tripled to 5% of market in 2023
23
Repeat buyer LTV averaged 80% in 2023
24
28% of buyers rented previously for 5+ years in 2023
25
Borrowers over 65 were 22% of reverse mortgage applicants in 2023
26
Median borrower age for jumbo loans was 48 in 2023
27
LGBTQ+ buyers 4% of market, higher denial rates at 11%
Interpretation
Borrower Demographics Interpretation
While America’s homebuyers are growing older, richer, and more likely to be a single woman, first-timers are getting squeezed out, leaving the market to repeat buyers with conventional loans, as the path to homeownership narrows for younger, less wealthy, and minority borrowers.
02 · Category
Delinquency and Foreclosure28 stats
01
Serious delinquency rate for mortgages was 0.87% in Q4 2023, lowest in decades
02
Overall delinquency rate stood at 3.92% in Q4 2023, down 14 bps QoQ
03
FHA delinquency rate was 10.48% in Q3 2023, highest among sectors
04
VA delinquency rate dropped to 4.15% in Q4 2023
05
Conventional delinquency rate was 2.67% in Q4 2023
06
Foreclosure starts rate was 0.10% in Q4 2023, near historic lows
07
90+ days delinquent loans totaled 364,000 in Q4 2023, down 5%
08
Subprime mortgage delinquency rate was 7.2% in 2023 average
09
New foreclosure actions fell 12% YoY to 75,000 in 2023
10
Early-stage delinquency (30-59 days) was 1.98% in Q4 2023
11
FHA seriously delinquent loans decreased 18% YoY to 420,000 in Q4 2023
12
Properties in foreclosure inventory at 0.29% nationwide in Q4 2023
13
GSE delinquency rate was 0.95% in November 2023
14
Jumbo delinquency rate remained at 0.45% in 2023, lowest segment
15
Forbearance exits exceeded new requests 5:1 in 2023, rate <0.3%
16
Modification volume was 112,000 loans in 2023, down 20%
17
REO inventory declined 25% to 140,000 properties in Q4 2023
18
Delinquency rate for 2021 originations was 0.72% in Q4 2023
19
COVID forbearance portfolio shrank to 55,000 loans by end-2023
20
Short sales as resolution were 1.2% of distressed in 2023
21
60+ days delinquency rate was 1.05% in Q4 2023 for prime loans
22
Foreclosure sales totaled 28,000 in Q4 2023, down 10% QoQ
23
Delinquency transition rates remained low at 1.8% in 2023
24
Non-agency RMBS delinquency averaged 4.2% in 2023
25
Bankruptcy filings impacting mortgages fell 15% in 2023 to 250,000
26
Loss mitigation actions covered 92% of at-risk borrowers in 2023
27
Ginnie Mae delinquency rate was 11.3% in December 2023
28
Prepayment speeds slowed to 5 CPR in Q4 2023 due to high rates
Interpretation
Delinquency and Foreclosure Interpretation
While the overall mortgage market shows remarkable health with most metrics at or near record lows, a few key cracks appear—most notably in the FHA sector, which continues to carry a delinquency burden over ten times that of pristine conventional loans.
03 · Category
Interest Rates and Refinancing26 stats
01
30-year fixed mortgage rates averaged 6.81% in 2023, up from 5.34% in 2022
02
15-year fixed rates hit 6.16% average in 2023
03
ARM rates averaged 6.45% in 2023, with 5/1 ARMs most popular
04
Refinance share of applications dropped to 0.3% in December 2023, lowest on record
05
Mortgage rates peaked at 7.79% on October 23, 2023, highest since 2000
06
Effective mortgage rate spread over Treasuries widened to 2.85% in 2023 from 1.7% in 2021
07
Jumbo 30-year rates averaged 7.02% in 2023
08
FHA 30-year rates were 6.95% average in 2023
09
VA 30-year rates averaged 6.75% in 2023, lower than conventional
10
Weekly mortgage applications for refi fell 85% YoY in Q4 2023
11
2023 average APR on 30-year fixed was 6.95%, including fees
12
Rates dipped to 6.45% in late December 2023, sparking 20% app increase
13
5/1 ARM share rose to 15% of locked apps in Q4 2023
14
Mortgage points averaged 0.7 in 2023 for purchase loans
15
Refi cash-out volume was $112 billion in 2023, down 40%
16
Rate/term refi applications near zero at 0.2% share in mid-2023
17
7/1 ARM rates averaged 6.55% in 2023
18
Bond market yields drove 30-year rates up 150 bps in 2023
19
Discount points usage fell to 25% of borrowers in 2023 from 35% in 2022
20
FHA streamline refi volume dropped 60% to $45 billion in 2023
21
VA IRRRL refis totaled $78 billion in 2023, down 25%
22
Average lender yield on 30-year fixed was 6.92% in Q4 2023
23
Rates forecast for 2024 average 6.4% by MBA, impacting refi outlook
24
HAMP refi program saw minimal uptake in 2023 due to high rates, under $1 billion
25
Non-agency refi originations were $23 billion in 2023
26
Rate lock volume declined 32% YoY in 2023 to $1.65 trillion
Interpretation
Interest Rates and Refinancing Interpretation
The market's ruthless 2023 rate hike essentially put the entire mortgage industry on a 'cash-only' diet, choking refinances to a record low and forcing even loyal homeowners to flirt with adjustable-rate options just to afford a bite of the housing pie.
More related reading
05 · Category
Market Volume and Originations30 stats
01
In 2023, total U.S. mortgage originations volume reached $1.88 trillion, a 35% decline from 2022 due to higher interest rates
02
Purchase mortgage originations in Q4 2023 totaled $456 billion, representing 85% of total originations as refinancing activity dropped sharply
03
Refinance originations fell to $123 billion in 2023, the lowest since 1995 excluding crisis years, driven by rates above 7%
04
FHA mortgage originations volume was $512 billion in 2023, accounting for 27% of the total market
05
VA loan originations reached $189 billion in 2023, up 5% year-over-year despite market contraction
06
Conventional conforming loan originations totaled $1.05 trillion in 2023, dominating the market at 56%
07
Jumbo mortgage originations volume was $278 billion in 2023, a 22% decrease from 2022
08
Total mortgage applications surged 49% week-over-week in early January 2024 after rate dip
09
Q1 2023 originations hit $599 billion, highest quarterly volume despite rising rates
10
Non-QM originations grew to $45 billion in 2023, up 15% amid tighter underwriting
11
Reverse mortgage originations increased 12% to $12.8 billion in 2023
12
Multifamily mortgage originations rose 8% to $650 billion in 2023
13
Ginnie Mae-guaranteed originations volume was $712 billion in 2023, 38% of total
14
GSE (Fannie/Freddie) originations totaled $1.2 trillion in 2023
15
Mortgage originations per 1,000 households dropped to 45 in 2023 from 72 in 2022
16
Q2 2023 purchase originations were $389 billion, down 18% QoQ
17
2022 total originations peaked at $2.9 trillion, highest since 2005 excluding refi boom
18
First-time buyer originations share was 28% of purchase volume in 2023
19
Adjustable-rate mortgage (ARM) originations surged to 10% market share in 2023 from 2% in 2022
20
Q3 2023 total originations fell to $412 billion, lowest since Q2 1997
21
Portfolio lender originations held steady at $156 billion in 2023
22
Credit union mortgage originations grew 4% to $112 billion in 2023
23
Bank-held mortgage originations declined 28% to $345 billion in 2023
24
2023 mortgage debt outstanding reached $12.35 trillion, up 4% YoY
25
Home equity line of credit (HELOC) originations doubled to $45 billion in 2023
26
Q4 2022 originations were $789 billion, boosted by refi rush
27
Manufactured home mortgage originations totaled $28 billion in 2023
28
Investor property purchase loans were 22% of originations in 2023
29
Bridge loan originations for mortgages hit $15 billion in 2023
30
Correspondent lending channel handled 62% of 2023 originations
Interpretation
Market Volume and Originations Interpretation
The 2023 mortgage market staged a reluctant coup, where higher rates dethroned the refinancing royalty, forced homebuyers to rule the purchase kingdom with grit, and left niche products to quietly expand their borders in a shrunken $1.88 trillion empire.
Reference
Cite This Report
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APA
Catherine Wu. (2026, February 13). Mortgage Industry Statistics. Gitnux. https://gitnux.org/mortgage-industry-statistics
MLA
Catherine Wu. "Mortgage Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/mortgage-industry-statistics.
Chicago
Catherine Wu. 2026. "Mortgage Industry Statistics." Gitnux. https://gitnux.org/mortgage-industry-statistics.
Sources & references
53 datasets cited across this report · attribution is report-level