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 will ever take out – and it’s a necessary part of achieving the American Dream. So take a hard look at the mortgage statistics and trends on this page. As a prospective homeowner, you need to be as informed as you can be. Especially after everything that has happened over the past decade.
Although most segments of the economy have recovered since the Great Recession of 2008, the mortgage industry is still grappling with changes.
Nowhere is this more evident than in the rising influence of nonbank mortgage lenders. Big deposit-taking banks have seen a significant drop in their share of mortgage originations, while independent mortgage lenders have been resurrected. These big and small nonbanks have increased market share, catapulting themselves to the very top of the industry and bringing change on an unprecedented level.
We have researched this new world of lenders and compiled the most relevant, interesting U.S. mortgage statistics here on one page.
It was never as important to be informed about all of this as it is now. We hope the statistics here will help you understand the current state of the mortgage industry – and even save you money on the purchase of a home.