Essential Mortgage Statistics to Be Aware Of

Becoming a homeowner is essential to the American Dream. Your house is more than a place to live. Owning a home is the tangible culmination of years of hard work.

It was once common to accumulate sufficient savings to pay cash for a home, but stagnant wages and rising real estate prices have made that impractical for nearly all Americans.

That is where mortgages come in.

A mortgage is probably the biggest loan you’ll ever take out. So take a hard look at the statistics and trends on this page. As a prospective homeowner, you need to be as informed as you can be.

Essential Mortgage Statistics for 2025 - Editor’s Choice

• Number of homes sold in the United States in 2024 was more than 5.35 million.
• Current American mortgage debt: $13.3 trillion.
• Almost a third of mortgage lenders adopted or tried out AI software in 2024.
• Total American homeowner equity in 2025 is more than $35 trillion.
• The average US mortgage rate: 6.93%.

The average mortgage consumer debt in the United States is now at $224,498.

(Experian)

The latest data published in 2024 saw the overall mortgage debt increase by 3.4% year-over-year.

61.2% of homeowners in the US had mortgages in 2024. 

(US Census Bureau)

For most Americans, buying a new house with cash is not an option - especially a first house. It would take decades to amass that amount of money. That’s why all statistics indicate that, for young people especially, mortgages are the only reasonable path to homeownership.

By the end of 2025, the US housing market will be worth over $50 trillion. 

(Redfin)

The latest report found that the market was worth $49.6 trillion in the final months of 2024, with predictions that it wil break the new record mark before the summer of this year. 

65.6% of Americans were homeowners in 2024.

(US Census Bureau)

The data highlights the ongoing concentration of real estate wealth among fewer owners as well as the tightening of credit standards following the Great Recession and the hightened inflation and economic downturn of the 2020s. 

The median down payment for a house in the United States in 2025 is about 18%. 

(National Association of Realtors)

Finance experts and mortgage lenders have always recommended that you make a down payment that’s worth 20% of your new home’s purchase price. This advice has morphed from realistic to aspirational in modern real estate circles. First-time homebuyers now pay an average of 9%, while repeat buyers pay an average of 23%.

More than 5.35 million home sales will occur in the United States in 2025. 

(Statista)

The number of home sales is once again growing, since an abysmal 4.09 million in 2023, which was lower even when compared to the recession in 2008-2009. In 2024, there were 4.62 million home sales in the US.

Independent mortgage lenders account for 63.1% of all mortgages. 

(National Credit Union Administration)

From 9% market share in 2009, these nonbanks have come to dominate the mortgage market in 2019, and in 2020, nearly two-thirds of all mortgages came from them. The largest independent lender in 2024 was United Wholesale Mortgage.

Total mortgage debt in 2024 amounted to $13.3 trillion. 

(Realtor)

Mortgages easily represent the largest percentage of overall household debt, and currently amount to 70% of all household debt in the US.

Americans have over $35.0 trillion in homeowner equity in 2025.

(Realtor)

Americans now have the highest level of equity in the nation’s history, with the average equity for existing homeowners being at around $266,000.

The mortgage delinquency rate in the US by at least 30 days or more stands at 3%.

(CoreLogic)

In January 2010, the rate hit an all-time high of 11.54%. When compared to 2023, this delinquency rate rose by 0.2% last year.

The median credit score among new mortgage borrowers is 758.

(Federal Reserve Bank of New York)

Banks are making it increasingly hard to get a mortgage loan. The current baseline of 758 is quite high compared to 2006’s 708, but it’s still not the highest it’s ever been.

In 2024, 80% of home buyers had mortgages. 

(National Association of Realtors)

Mortgages remain the overwhelming number one choice when it comes to financing a new home. Yes, people find the process of getting a mortgage stressful. But they also understand the value of owning property. So they apply anyway.

Fintech lending has grown annually by 30%.

(Federal Reserve Bank of New York)

Fintech lenders allow home buyers to submit documents and process applications online instead of one-on-one with lending agents. They are quickly becoming more popular. In 2010, the fintech share of the mortgage market was just 2%, and by 2025 it has increased to over 17%.

The average US mortgage interest rate is 6.93% in 2025.

(Freddie Mac)

Interest rates have significantly risen due to inflation and the economic downturn in the past few years, with 30-year fixed-rate mortgage rates going from 3.22% at the start of 2022 to over 7% during 2024.

In 2024, millennials accounted for 38% of home-purchase mortgages.

(National Association of Realtors)

Young people seem pretty wary about home ownership and big loans, but the proportion of homes sold to young people is increasing steadily. Still, Gen Zers only made up 3% of home buyers last year.

90% of homebuyers would prefer to handle their mortgages entirely online. 

(Scotsman Guide)

This is a sharp increase from just 61% in 2021, as more and more potential homebuyers prefer a fully or a more digital mortgage process. 75% of them stated that shortening the mortgage process was the main reason why.

Less than 50% of banks could handle loan products digitally from the beginning to the end of the process in 2024. 

(MeridianLink)

The rate of digitalization has increased significantly over the past few years, but still, more than half of organizations did not fully digitalized and currently offer a slow, inefficient and impersonal service.

Mortgage fraud has increased 8.3% year-on-year by the end of 2024.

(CoreLogic)

The latest data from last year showed that 0.81% of all mortgage applications were estimated to contain fraud. 

20,000 reverse mortgages were taken out in 2024. 

(Statista)

Older citizens have taken out more than a million reverse mortgages since they were legalized in 1990. Both affluent and middle-class homeowners find it handy to be able to take cash out of their homes. Some use it to upgrade their lifestyle, while others seek to improve debt management or pay retirement expenses.

30% of mortgage lenders adopted or tried AI software in 2024.

(Fannie Mae)

The same report found that the percentage is expected to grow to 55% in 2025, highlighting the massive impact artificial intelligence has had on the market.

Extrapolating the Data - Our Conclusions

The mortgage industry is characterized by disruption and change on a large scale. The massive shift to nonbank lending and the emergence of digital services are allowing new players to deliver faster, better service.

Customers are coming to expect an easier time when dealing with mortgage loans, and they are increasingly flocking to online lenders that promise to streamline the process.

Americans are feeling more confident about taking out mortgages and buying property. Combine buyer confidence with record-high equity levels and a streamlined lending system, and the scene is set for a new industry boom in coming years.