GITNUXREPORT 2026

Mortgage Statistics

Higher rates sharply reduced mortgage lending in 2023 despite strong purchase loan demand.

Rajesh Patel

Rajesh Patel

Team Lead & Senior Researcher with over 15 years of experience in market research and data analytics.

First published: Feb 13, 2026

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Key Statistics

Statistic 1

Housing affordability index dropped to 98.1 in Q4 2023, below 100.

Statistic 2

Monthly mortgage payment for median home rose 70% YoY to $2,100 in 2023.

Statistic 3

Median home price hit $417,700 in Q4 2023, up 4.3% YoY.

Statistic 4

Home price-to-income ratio reached 5.5 nationally in 2023.

Statistic 5

Rent vs. buy index showed buying 35% cheaper in 40% of metros in 2023.

Statistic 6

Share of homes affordable to median income fell to 20% in 2023.

Statistic 7

San Francisco median home price $1.3 million, affordability index 35.

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First-time buyer median down payment was 9% in 2023.

Statistic 9

Debt-to-income ratio for new mortgages averaged 36% in Q4 2023.

Statistic 10

Home price growth slowed to 3.8% YoY in December 2023 per FHFA.

Statistic 11

Inventory of homes for sale rose 15% YoY to 1.1 million in Q4 2023.

Statistic 12

Projected affordability improvement if rates fall to 5.5% in 2024.

Statistic 13

Black homeownership rate at 44% in 2023, gap of 30 points vs. white.

Statistic 14

Overall delinquency rate for mortgages was 3.92% in Q4 2023, up 12 bps QoQ.

Statistic 15

FHA delinquency rate stood at 10.38% in Q4 2023, highest among sectors.

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Seriously delinquent mortgages (90+ days) at 1.38% in Q4 2023.

Statistic 17

Foreclosure starts increased 10% YoY to 0.25% of active loans in Q4 2023.

Statistic 18

Subprime mortgage delinquency hit 12% in late 2023 per Equifax data.

Statistic 19

New York foreclosure inventory rate was 0.65% in Q4 2023, highest nationally.

Statistic 20

Overall foreclosure rate remained at 0.20% in December 2023, stable YoY.

Statistic 21

VA loan delinquencies fell to 4.2% in Q4 2023 from pandemic highs.

Statistic 22

Early-stage delinquencies (30-59 days) rose to 2.45% in Q4 2023.

Statistic 23

Foreclosure sales totaled 68,000 in 2023, down 80% from 2009 peak.

Statistic 24

Jumbo loan delinquency rate was 0.85% in Q4 2023, lowest segment.

Statistic 25

Illinois had 0.48% foreclosure rate in 2023, second highest nationally.

Statistic 26

Prepayment penalties contributed to 15% of delinquencies in adjustable-rate loans.

Statistic 27

Total foreclosure inventory at 0.29% in Q1 2024, up slightly.

Statistic 28

Total GSE mortgage portfolio $6.8 trillion as of end-2023.

Statistic 29

FHFA HARP refinances saved borrowers $80 billion since 2009 inception.

Statistic 30

FHA-insured loans outstanding: 8.5 million with $1.6 trillion UPB in 2023.

Statistic 31

VA no-down-payment loans originated 400,000 in FY2023.

Statistic 32

Ginnie Mae-guaranteed MBS issuance $700 billion in 2023.

Statistic 33

CFPB mortgage servicing rules reduced errors by 60% since 2013.

Statistic 34

Fannie Mae credit risk transfer covered $50 billion in 2023.

Statistic 35

USDA rural housing loans funded 25,000 homes in FY2023.

Statistic 36

Homeowner Assistance Fund disbursed $5.5 billion to 500,000 households by 2023.

Statistic 37

Qualified Mortgage (QM) loans comprised 95% of originations in 2023.

Statistic 38

GSE affordable goals met 2023 targets with 27% low-income loans.

Statistic 39

Forbearance exits reached 99% resolution rate post-COVID per FHFA.

Statistic 40

Total U.S. mortgage debt outstanding reached $12.25 trillion in Q4 2023.

Statistic 41

Home-secured debt per household averaged $220,000 in 2023.

Statistic 42

Mortgage balances for FHA loans totaled $2.1 trillion end-2023.

Statistic 43

Average mortgage balance grew 4% YoY to $252,000 in Q4 2023.

Statistic 44

Student debt holders' mortgage balances 20% lower than average.

Statistic 45

Negative equity mortgages dropped to 1.2 million in Q4 2023.

Statistic 46

Jumbo mortgage balances outstanding at $1.5 trillion in 2023.

Statistic 47

Senior lien mortgage balances increased 5.5% YoY to $11.8 trillion.

Statistic 48

HELOC balances reached $320 billion in Q4 2023, up 5% YoY.

Statistic 49

Mortgage debt-to-GDP ratio stabilized at 75% in 2023.

Statistic 50

Underwater mortgages share fell to 2.5% nationally in 2023.

Statistic 51

Total mortgage originations since 2000 exceed $50 trillion cumulative.

Statistic 52

In 2023, U.S. mortgage originations totaled $1.62 trillion, down 44% from 2022 due to higher rates.

Statistic 53

Purchase mortgage originations in Q4 2023 accounted for 78% of total originations, up from 69% in Q4 2022.

Statistic 54

Refinance originations dropped to $175 billion in 2023, the lowest since 1996 excluding pandemic years.

Statistic 55

FHA mortgage originations reached 1.1 million loans in 2023, comprising 25% of the market.

Statistic 56

VA purchase loans originated $120 billion in volume during 2023, supporting 350,000 veterans.

Statistic 57

Conventional conforming loan originations fell 50% YoY to $1.0 trillion in 2023.

Statistic 58

Jumbo mortgage originations declined 60% in 2023 to $250 billion amid rate hikes.

Statistic 59

First-time homebuyer mortgage share was 31% of originations in 2023, per NAR data.

Statistic 60

Adjustable-rate mortgage (ARM) originations surged to 10% market share in Q4 2023 from 2% prior.

Statistic 61

Total mortgage applications increased 5% WoW in late December 2023 to seasonally adjusted index of 200.

Statistic 62

In 2022, mortgage originations peaked at $2.9 trillion before declining sharply.

Statistic 63

Q1 2024 originations estimated at $350 billion, lowest Q1 since 1997.

Statistic 64

Black homebuyers' mortgage originations grew 12% YoY in 2023 to 150,000 loans.

Statistic 65

Rural mortgage originations totaled $80 billion in 2023, 5% of national volume.

Statistic 66

Investor purchase mortgage share hit 20% in Q4 2023 per CoreLogic.

Statistic 67

The average 30-year fixed mortgage rate was 6.81% as of December 29, 2023.

Statistic 68

15-year fixed rates averaged 6.02% in 2023, up from 3.94% in 2022.

Statistic 69

ARM rates for 5/1 loans averaged 6.45% in Q4 2023, 36 basis points below fixed.

Statistic 70

Mortgage rates rose above 7% for 15 weeks straight in late 2023, highest since 2000.

Statistic 71

Effective mortgage rate spread over Treasury yields widened to 250 bps in 2023.

Statistic 72

Jumbo 30-year fixed rates averaged 7.15% in December 2023.

Statistic 73

FHA 30-year rates were 6.92% on average in Q4 2023.

Statistic 74

Rates for 30-year fixed mortgages in California averaged 6.95% in 2023.

Statistic 75

Weekly mortgage rate volatility hit 25 bps average in October 2023.

Statistic 76

Projected 30-year fixed rate for Q4 2024 is 6.2%, per Fannie Mae forecast.

Statistic 77

Historical low: 30-year fixed at 2.65% in January 2021.

Statistic 78

7/1 ARM rates dipped to 6.25% in early 2024 amid Fed signals.

Statistic 79

Mortgage points paid averaged 0.8 per loan in 2023 to buy down rates.

Statistic 80

Rates for investment property mortgages averaged 7.5% in 2023.

Sources
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The mortgage landscape of 2023 told a story of dramatic highs and lows, from a staggering $1.62 trillion in originations amid a 44% market plunge to surging rates and shifting borrower demographics.

Key Takeaways

  • In 2023, U.S. mortgage originations totaled $1.62 trillion, down 44% from 2022 due to higher rates.
  • Purchase mortgage originations in Q4 2023 accounted for 78% of total originations, up from 69% in Q4 2022.
  • Refinance originations dropped to $175 billion in 2023, the lowest since 1996 excluding pandemic years.
  • The average 30-year fixed mortgage rate was 6.81% as of December 29, 2023.
  • 15-year fixed rates averaged 6.02% in 2023, up from 3.94% in 2022.
  • ARM rates for 5/1 loans averaged 6.45% in Q4 2023, 36 basis points below fixed.
  • Overall delinquency rate for mortgages was 3.92% in Q4 2023, up 12 bps QoQ.
  • FHA delinquency rate stood at 10.38% in Q4 2023, highest among sectors.
  • Seriously delinquent mortgages (90+ days) at 1.38% in Q4 2023.
  • Total U.S. mortgage debt outstanding reached $12.25 trillion in Q4 2023.
  • Home-secured debt per household averaged $220,000 in 2023.
  • Mortgage balances for FHA loans totaled $2.1 trillion end-2023.
  • Housing affordability index dropped to 98.1 in Q4 2023, below 100.
  • Monthly mortgage payment for median home rose 70% YoY to $2,100 in 2023.
  • Median home price hit $417,700 in Q4 2023, up 4.3% YoY.

Higher rates sharply reduced mortgage lending in 2023 despite strong purchase loan demand.

Affordability and Home Prices

  • Housing affordability index dropped to 98.1 in Q4 2023, below 100.
  • Monthly mortgage payment for median home rose 70% YoY to $2,100 in 2023.
  • Median home price hit $417,700 in Q4 2023, up 4.3% YoY.
  • Home price-to-income ratio reached 5.5 nationally in 2023.
  • Rent vs. buy index showed buying 35% cheaper in 40% of metros in 2023.
  • Share of homes affordable to median income fell to 20% in 2023.
  • San Francisco median home price $1.3 million, affordability index 35.
  • First-time buyer median down payment was 9% in 2023.
  • Debt-to-income ratio for new mortgages averaged 36% in Q4 2023.
  • Home price growth slowed to 3.8% YoY in December 2023 per FHFA.
  • Inventory of homes for sale rose 15% YoY to 1.1 million in Q4 2023.
  • Projected affordability improvement if rates fall to 5.5% in 2024.
  • Black homeownership rate at 44% in 2023, gap of 30 points vs. white.

Affordability and Home Prices Interpretation

The American dream now requires a financial contortionist, as buying a home demands a jaw-dropping 70% more in monthly payments and is only affordable to a fifth of median earners, yet still remains curiously cheaper than renting in many cities.

Delinquency and Foreclosure Rates

  • Overall delinquency rate for mortgages was 3.92% in Q4 2023, up 12 bps QoQ.
  • FHA delinquency rate stood at 10.38% in Q4 2023, highest among sectors.
  • Seriously delinquent mortgages (90+ days) at 1.38% in Q4 2023.
  • Foreclosure starts increased 10% YoY to 0.25% of active loans in Q4 2023.
  • Subprime mortgage delinquency hit 12% in late 2023 per Equifax data.
  • New York foreclosure inventory rate was 0.65% in Q4 2023, highest nationally.
  • Overall foreclosure rate remained at 0.20% in December 2023, stable YoY.
  • VA loan delinquencies fell to 4.2% in Q4 2023 from pandemic highs.
  • Early-stage delinquencies (30-59 days) rose to 2.45% in Q4 2023.
  • Foreclosure sales totaled 68,000 in 2023, down 80% from 2009 peak.
  • Jumbo loan delinquency rate was 0.85% in Q4 2023, lowest segment.
  • Illinois had 0.48% foreclosure rate in 2023, second highest nationally.
  • Prepayment penalties contributed to 15% of delinquencies in adjustable-rate loans.
  • Total foreclosure inventory at 0.29% in Q1 2024, up slightly.

Delinquency and Foreclosure Rates Interpretation

While the broader market shows only mild indigestion, a closer look reveals heartburn in specific sectors, as FHA and subprime borrowers struggle while jumbo loans and overall foreclosure rates remain comfortably stable.

Government Programs and Policies

  • Total GSE mortgage portfolio $6.8 trillion as of end-2023.
  • FHFA HARP refinances saved borrowers $80 billion since 2009 inception.
  • FHA-insured loans outstanding: 8.5 million with $1.6 trillion UPB in 2023.
  • VA no-down-payment loans originated 400,000 in FY2023.
  • Ginnie Mae-guaranteed MBS issuance $700 billion in 2023.
  • CFPB mortgage servicing rules reduced errors by 60% since 2013.
  • Fannie Mae credit risk transfer covered $50 billion in 2023.
  • USDA rural housing loans funded 25,000 homes in FY2023.
  • Homeowner Assistance Fund disbursed $5.5 billion to 500,000 households by 2023.
  • Qualified Mortgage (QM) loans comprised 95% of originations in 2023.
  • GSE affordable goals met 2023 targets with 27% low-income loans.
  • Forbearance exits reached 99% resolution rate post-COVID per FHFA.

Government Programs and Policies Interpretation

The mortgage market now resembles a surprisingly responsible giant, juggling trillions in loans with one hand while meticulously using an array of government programs and rules to catch falling borrowers, fund new homes, and generally prevent the entire house of cards from collapsing again.

Mortgage Debt and Balances

  • Total U.S. mortgage debt outstanding reached $12.25 trillion in Q4 2023.
  • Home-secured debt per household averaged $220,000 in 2023.
  • Mortgage balances for FHA loans totaled $2.1 trillion end-2023.
  • Average mortgage balance grew 4% YoY to $252,000 in Q4 2023.
  • Student debt holders' mortgage balances 20% lower than average.
  • Negative equity mortgages dropped to 1.2 million in Q4 2023.
  • Jumbo mortgage balances outstanding at $1.5 trillion in 2023.
  • Senior lien mortgage balances increased 5.5% YoY to $11.8 trillion.
  • HELOC balances reached $320 billion in Q4 2023, up 5% YoY.
  • Mortgage debt-to-GDP ratio stabilized at 75% in 2023.
  • Underwater mortgages share fell to 2.5% nationally in 2023.
  • Total mortgage originations since 2000 exceed $50 trillion cumulative.

Mortgage Debt and Balances Interpretation

We're collectively submerged in a $12 trillion sea of home loans, yet we're impressively treading water with fewer underwater mortgages and a stable debt-to-GDP ratio, proving that while we're house-poor, we're not yet sinking.

Mortgage Originations and Volumes

  • In 2023, U.S. mortgage originations totaled $1.62 trillion, down 44% from 2022 due to higher rates.
  • Purchase mortgage originations in Q4 2023 accounted for 78% of total originations, up from 69% in Q4 2022.
  • Refinance originations dropped to $175 billion in 2023, the lowest since 1996 excluding pandemic years.
  • FHA mortgage originations reached 1.1 million loans in 2023, comprising 25% of the market.
  • VA purchase loans originated $120 billion in volume during 2023, supporting 350,000 veterans.
  • Conventional conforming loan originations fell 50% YoY to $1.0 trillion in 2023.
  • Jumbo mortgage originations declined 60% in 2023 to $250 billion amid rate hikes.
  • First-time homebuyer mortgage share was 31% of originations in 2023, per NAR data.
  • Adjustable-rate mortgage (ARM) originations surged to 10% market share in Q4 2023 from 2% prior.
  • Total mortgage applications increased 5% WoW in late December 2023 to seasonally adjusted index of 200.
  • In 2022, mortgage originations peaked at $2.9 trillion before declining sharply.
  • Q1 2024 originations estimated at $350 billion, lowest Q1 since 1997.
  • Black homebuyers' mortgage originations grew 12% YoY in 2023 to 150,000 loans.
  • Rural mortgage originations totaled $80 billion in 2023, 5% of national volume.
  • Investor purchase mortgage share hit 20% in Q4 2023 per CoreLogic.

Mortgage Originations and Volumes Interpretation

The market's 44% tumble to $1.62 trillion shows how higher rates froze refinancers in place, tilting the landscape decisively toward determined purchasers who, while embracing adjustable-rate loans and supported by government programs, are navigating the lowest springboard for homebuying in nearly three decades.

Mortgage Rates

  • The average 30-year fixed mortgage rate was 6.81% as of December 29, 2023.
  • 15-year fixed rates averaged 6.02% in 2023, up from 3.94% in 2022.
  • ARM rates for 5/1 loans averaged 6.45% in Q4 2023, 36 basis points below fixed.
  • Mortgage rates rose above 7% for 15 weeks straight in late 2023, highest since 2000.
  • Effective mortgage rate spread over Treasury yields widened to 250 bps in 2023.
  • Jumbo 30-year fixed rates averaged 7.15% in December 2023.
  • FHA 30-year rates were 6.92% on average in Q4 2023.
  • Rates for 30-year fixed mortgages in California averaged 6.95% in 2023.
  • Weekly mortgage rate volatility hit 25 bps average in October 2023.
  • Projected 30-year fixed rate for Q4 2024 is 6.2%, per Fannie Mae forecast.
  • Historical low: 30-year fixed at 2.65% in January 2021.
  • 7/1 ARM rates dipped to 6.25% in early 2024 amid Fed signals.
  • Mortgage points paid averaged 0.8 per loan in 2023 to buy down rates.
  • Rates for investment property mortgages averaged 7.5% in 2023.

Mortgage Rates Interpretation

The era of historically cheap money is over, replaced by a sobering new normal where even the most optimistic borrowers are now considering paying extra just to secure a rate that would have been considered usury a few short years ago.