US mortgage lending
Follow mortgage lending from the housing bust to the rate shock
Mortgage applications, originations and denials filed under the Home Mortgage Disclosure Act, 2007 to 2024: the public Loan/Application Register, 311,597,371 loan-level records aggregated by year and state. The series carries the whole arc: the post-2007 housing bust, the 2020 refinancing wave, and the collapse to the 2023 trough when mortgage rates rose.
Data as of 2024 (HMDA public LAR, CFPB/FFIEC)
Origination volume, 2007–2024
Total dollars of mortgages originated each year. Volume fell from $2.07T in 2007 through the housing bust, then the pandemic rate collapse drove it to the series peak of $4.76T in 2021, before the 2022 rate shock cut it to $1.78T in 2023, a 63% drop from the peak.
Source: HMDA public LAR (CFPB/FFIEC), 2007-2024 Sum of loan amounts on originated loans (action taken = 1). Legacy-era amounts converted from thousands of dollars. Methodology
Applications and originations
Applications are LAR records with action codes 1-5 (excluding purchased loans and standalone preapproval requests); originations are the subset that closed. In 2024, 10,754,906 applications produced 6,176,052 originations.
Source: HMDA public LAR (CFPB/FFIEC), 2007-2024 Counts of loan-level records; the applications series excludes action codes 6 (purchased loans) and 7-8 (preapproval requests). Methodology
Denial rate
Denials as a share of applications that reached a credit decision: denied, originated, or approved but not accepted. Withdrawn and incomplete files are excluded from the denominator. The series high is 32.5% in 2007; the 2024 rate is 24.3%.
Source: HMDA public LAR (CFPB/FFIEC), 2007-2024 Denial rate = denials / (originations + denials + approved-not-accepted), identical definition in both schema eras. Methodology
Purchase vs refinance originations
Originated loans split by stated purpose. Refinancing peaked at 8,791,287 loans in 2020 (60% of that year’s originations), then collapsed when rates rose; in 2024 refinances were 1,465,890 against 3,517,224 purchase loans. The refinance series includes cash-out refinancings (reported separately only from 2018); home-improvement and other-purpose loans are charted separately.
Source: HMDA public LAR (CFPB/FFIEC), 2007-2024 Loan-purpose codes: purchase = 1 (both eras); refinance = 3 (2007-2017) and 31/32 (2018+); improvement = 2; other-purpose codes exist only from 2018. Methodology
Where the lending is: states in 2024
The fifteen largest state markets by origination volume in 2024, of the 54 states and territories with 2024 filings.
| # | State | Origination volume | Originations | Median loan | Denial rate |
|---|---|---|---|---|---|
| 1 | California CA | $288.36B | 509,170 | $415K | 24.9% |
| 2 | Texas TX | $172.33B | 491,716 | $275K | 26.0% |
| 3 | Florida FL | $170.37B | 474,589 | $275K | 29.1% |
| 4 | New York NY | $93.03B | 208,787 | $235K | 25.4% |
| 5 | North Carolina NC | $76.80B | 256,370 | $235K | 24.0% |
| 6 | Georgia GA | $71.15B | 227,610 | $255K | 26.9% |
| 7 | Washington WA | $67.51B | 153,279 | $355K | 21.3% |
| 8 | Virginia VA | $64.47B | 182,923 | $265K | 22.1% |
| 9 | New Jersey NJ | $60.55B | 156,392 | $305K | 26.1% |
| 10 | Colorado CO | $59.44B | 143,013 | $345K | 21.6% |
| 11 | Arizona AZ | $58.93B | 167,105 | $295K | 22.2% |
| 12 | Illinois IL | $55.77B | 203,770 | $195K | 23.3% |
| 13 | Pennsylvania PA | $55.67B | 245,926 | $165K | 24.2% |
| 14 | Ohio OH | $53.76B | 246,113 | $155K | 23.5% |
| 15 | Massachusetts MA | $51.56B | 119,508 | $325K | 22.3% |
All others: Tennessee · Michigan · Maryland · South Carolina · Indiana · Wisconsin · Missouri · Minnesota · Utah · Oregon · Nevada · Alabama · Connecticut · Kentucky · Oklahoma · Idaho · Louisiana · Kansas · Arkansas · Iowa · New Hampshire · Mississippi · Hawaii · New Mexico · Nebraska · Maine · Rhode Island · Delaware · Montana · District of Columbia · West Virginia · South Dakota · Alaska · Vermont · North Dakota · Wyoming · Puerto Rico · Guam · US Virgin Islands
Source: HMDA public LAR (CFPB/FFIEC), 2007-2024 Ranked by 2024 origination volume. Records with no state assigned are counted in the national figures but carry no state page. Methodology
See the full methodology for what HMDA is, the public-LAR privacy modifications, the two schema eras and their exact code mappings, and the snapshot-revision caveat.