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MARKET BENCHMARKS · HMDA PUBLIC DATA

Michigan mortgage market benchmarks

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

Originations 2025

229,505

+12.5% vs 2024

2024: 203,987

Volume 2025

$57.17B

originated $
2024: $43.09B

Denial rate 2025

18.5%

denied / actioned
2024: 19.9% denied / actioned

Reporting lenders 2025

990

HMDA reporters
2024: 965 reporters

Origination volume by year

Dollar volume of originated loans

$ VOLUME · HOVER FOR UNITS
$0$25B$50B$75B$100B20182019202020212022202320242025$57.17B

Loan purpose mix

Share of 2025 originations

Denial rate by year

Denials / actioned applications (CFPB convention)

0.0%11.4%22.9%2018201920202021202220232024202518.5%

Michigan market by year

YEARLENDERSAPPLICATIONSORIGINATIONSVOLUMEDENIALPURCHASEREFI
2025990387,714229,505$57.17B2025 origination volume229,505 loans originated18.5%2025 denial rate387,714 applications actioned46.7%47.0%
2024965347,762203,987$43.09B2024 origination volume203,987 loans originated19.9%2024 denial rate347,762 applications actioned50.9%40.0%
20231,009320,765185,660$37.55B2023 origination volume185,660 loans originated19.9%2023 denial rate320,765 applications actioned55.1%34.2%
20221,050441,732266,053$55.84B2022 origination volume266,053 loans originated17.7%2022 denial rate441,732 applications actioned47.8%51.5%
20211,023689,927458,501$95.34B2021 origination volume458,501 loans originated12.5%2021 denial rate689,927 applications actioned32.4%81.4%
20201,017671,058450,978$92.43B2020 origination volume450,978 loans originated11.8%2020 denial rate671,058 applications actioned30.6%78.9%
2019964470,603301,272$55.18B2019 origination volume301,272 loans originated16.0%2019 denial rate470,603 applications actioned44.2%59.2%
2018921412,998255,023$42.70B2018 origination volume255,023 loans originated18.8%2018 denial rate412,998 applications actioned51.8%48.0%

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.

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