MARKET BENCHMARKS · HMDA PUBLIC DATA

U.S. mortgage market benchmarks

National origination trends 2018–2025 from HMDA public data: volume, denial rates, and purchase vs refinance mix. Free and open — no account required.

Originations 2025

6,827,891

+10.6% vs 2024

Volume 2025

$2.41T

originated $

Denial rate 2025

18.0%

denied / actioned

Reporting lenders 2025

4,782

HMDA reporters

Origination volume by year

Dollar volume of originated loans

$ VOLUME · HOVER FOR UNITS

Loan purpose mix

Share of 2025 originations

Purchase53%Refinance43%Other purposes4%

Denial rate by year

Denials / actioned applications (CFPB convention)

U.S. market by year

YEARLENDERSAPPLICATIONSORIGINATIONSVOLUMEDENIALPURCHASEREFI

20254,78211,965,5426,827,891$2.41T18.0%52.6%43.2%

20244,90810,955,9856,176,052$2.03T19.5%56.9%36.2%

20235,11310,220,9725,691,726$1.78T20.0%60.6%30.4%

20224,46014,522,6628,394,278$2.84T17.4%52.0%49.8%

20214,33323,445,68214,997,308$4.76T12.5%35.7%77.7%

20204,47522,795,88614,541,302$4.36T12.6%33.7%75.3%

20195,50815,279,7649,325,241$2.66T16.8%48.4%56.5%

20185,67813,116,6437,720,995$1.99T19.7%56.3%45.1%

State markets 2025

Ranked by originations · open a state for its full trend history

#STATEORIGINATIONSVOLUMEDENIALLENDERS

1California572,268$344.74B17.4%1,160 2Texas526,689$186.23B19.4%1,588 3Florida491,046$183.52B21.1%2,010 4North Carolina281,159$89.58B18.1%1,269 5Ohio277,933$63.72B17.7%1,108 6Pennsylvania272,809$65.92B18.3%1,127 7Georgia242,931$79.74B19.2%1,220 8Illinois232,591$69.98B17.1%1,162 9New York232,239$116.18B19.8%756 10Michigan229,505$57.17B18.5%990 11Virginia203,054$77.59B15.9%1,030 12Arizona183,878$69.00B16.2%1,096 13Indiana178,349$43.25B16.6%1,044 14New Jersey178,220$75.63B17.7%893 15Tennessee176,247$56.77B17.1%1,292 16Washington175,441$81.03B15.7%836 17Colorado156,418$68.40B15.6%1,131 18Wisconsin154,669$38.40B14.0%950 19Missouri146,780$35.96B15.1%1,035 20South Carolina143,083$45.62B18.3%1,164 21Massachusetts135,614$64.28B16.2%810 22Maryland126,664$45.00B18.8%823 23Minnesota122,789$36.59B13.6%886 24Alabama115,118$28.29B19.8%1,009 25Kentucky100,653$23.71B18.8%871 26Utah95,957$36.70B16.0%593 27Oregon89,385$32.83B15.3%718 28Oklahoma79,051$18.62B17.9%838 29Iowa75,933$16.25B12.9%753 30Connecticut74,717$27.03B17.4%702 31Nevada69,682$26.61B17.4%637 32Louisiana69,272$16.35B22.2%735 33Arkansas66,490$18.14B18.2%820 34Kansas60,511$15.17B15.0%781 35Idaho56,607$18.50B14.5%612 36Mississippi54,718$10.95B22.9%700 37Nebraska43,920$11.51B12.5%576 38New Mexico39,313$12.34B18.6%614 39New Hampshire35,609$12.63B16.5%550 40Maine35,498$10.35B16.3%547 41West Virginia29,629$6.14B21.2%577 42Delaware27,033$8.05B18.2%558 43Rhode Island26,004$9.02B18.7%464 44Montana23,001$9.03B14.8%565 45Hawaii19,858$11.98B21.8%331 46South Dakota17,111$4.82B12.7%396 47North Dakota14,333$3.97B11.4%330 48Puerto Rico14,269$2.86B15.8%81 49Vermont13,418$3.72B14.8%329 50Wyoming13,328$4.16B15.6%422 51Alaska11,907$4.04B14.0%258 52District of Columbia9,300$7.00B18.1%486 53U.S. Virgin Islands217$114.4M6.4%9 54Guam157$65.9M6.6%6

Attribution & methodology. Benchmarks are computed by MortRadar from Home Mortgage Disclosure Act (HMDA) public data files published by the Consumer Financial Protection Bureau (CFPB) and the Federal Financial Institutions Examination Council (FFIEC), covering activity years 2018–2025. Originations = loans originated (action taken 1); denial rate = denials / actioned applications (CFPB Data Browser convention); loan amounts are the public files' midpoint-rounded values. MortRadar's aggregations are derived works and are not published, reviewed, or endorsed by the CFPB, FFIEC, or any government agency. See data attribution and the disclaimer.

Looking for a specific company? Search lender profiles →