U.S. Mortgage Lending in 2025

Explore national mortgage-lending activity based on public HMDA data. See who gets approved, where lending happens, how 2025 compares to 2024, and which institutions originate the most loans.

Source: FFIEC / CFPB HMDA | Dataset: 2025 Snapshot | Snapshot Freeze: June 2, 2026 | Last Updated: June 2, 2026 | Methodology →
American residential housing neighborhood

1. National Snapshot

Key mortgage lending metrics for the United States in 2025, with change from 2024.

View full data →
Actionable Applications
5,197,320
+8.49% vs 2024
Actions 1, 2, and 3
Approval Rate
82.12%
+0.37 pp vs 2024
Approved (Actions 1 & 2)
Denial Rate
17.88%
-0.37 pp vs 2024
Denied (Action 3)
Loan Originations
4,052,301
+8.90% vs 2024
Action 1 (Originated)
Originated Dollar Volume
$1.58 Trillion
+14.15% vs 2024
Total originated amount
Median Originated Loan
$325,000
+3.17% vs 2024
Average: $391,056

2. Credit Decision Outcomes (2025)

Outcomes for 5,197,320 actionable applications (Actions 1, 2, and 3).

82.12%
17.88%
4,268,256 approved 929,064 denied
Action 1: Originated (Loan received)
4,052,301 (77.97%)
Action 2: Approved not accepted
215,955 (4.16%)
Action 3: Denied
929,064 (17.88%)
Action 4: Withdrawn (not in denominator)
1,127,095
Action 5: Incomplete (not in denominator)
402,725
How to read this: The approval rate is calculated using only Actions 1, 2, and 3. Actions 4 and 5 are not credit decisions and are excluded from the denominator. Read the full methodology →

3. How Mortgage Lending Changed: 2024 vs 2025

Comparing key national metrics.

Metric 2024 2025 Change
Consumer Mortgage Universe 6,136,540 6,727,140 +9.62%
Actionable Applications 4,790,456 5,197,320 +8.49%
Approval Rate 81.75% 82.12% +0.37 pp
Denial Rate 18.25% 17.88% -0.37 pp
Loan Originations 3,721,019 4,052,301 +8.90%
Originated Dollar Volume $1.39T ($1,388,285,905,000) $1.58T ($1,584,677,745,000) +14.15%
Median Originated Loan $315,000 $325,000 +3.17%
These changes reflect year-over-year differences in reported HMDA data. Read the full methodology for definitions and caveats.

4. Approval Rates by Applicant Income (2025)

Actionable approval rates and application counts by income category.

Income Category Approval Rate Applications
<$50,000
55.57%
536,236
$50,000 – $99,999
79.78%
1,738,953
$100,000 – $149,999
86.92%
1,162,929
$150,000+
90.87%
1,435,416
Income unavailable/entity
82.73%
323,786
These descriptive differences do not establish that income caused different outcomes. HMDA data does not contain every underwriting variable. Methodology →

5. Approval Rates by Race & Ethnicity (2025)

Actionable approval rates and application counts by applicant race and ethnicity.

Race / Ethnicity Approval Rate Applications
White
85.83%
2,680,692
Black or African American
70.73%
421,601
Hispanic or Latino
77.51%
679,132
Asian
88.04%
292,141
American Indian or Alaska Native
71.02%
22,551
Native Hawaiian or Other Pacific Islander
77.02%
7,377
2 or More Races
75.48%
9,285
Race/Ethnicity Not Available
76.82%
823,681
Joint
85.90%
260,860
These descriptive differences do not establish causation. Small-sample groups (< 30 applications) are suppressed. Methodology →

6. Where Lending Happens

Explore mortgage lending activity across states. Select a metric to visualize.

AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWest VirginiaWisconsinWyomingDistrict of Columbia District of Columbia
Fewer applications More applications

Top 10 States by Applications

How to read this map → View all states →

7. Leading Institutions by Reported Loan Originations (2025)

Top 10 mortgage lending institutions by total loan originations (Action 1).

# Lending Institution Originations Market Share Dollar Volume Approval Rate
1 United Wholesale Mortgage 371,602 9.17% $151.7B 87.30%
2 Rocket Mortgage 292,365 7.21% $98.7B 79.71%
3 CrossCountry Mortgage, LLC 103,556 2.56% $43.0B 96.63%
4 Mortgage Research Center 81,553 2.01% $27.3B 72.25%
5 JPMorgan Chase Bank, NA 71,612 1.77% $36.9B 87.63%
6 PennyMac Loan Services, LLC 70,863 1.75% $30.0B 82.50%
7 Guild Mortgage Company 69,235 1.71% $24.7B 95.96%
8 Freedom Mortgage Corporation 69,038 1.70% $23.9B 85.46%
9 DHI Mortgage Company, LTD. 63,686 1.57% $22.3B 83.40%
10 Fairway Independent Mortgage Corp. 61,547 1.52% $22.5B 94.85%
View all lending institutions →

8. Explore the Mortgage Lending Data

Go deeper into the data with these tools and resources.

States

Explore state-level lending patterns.

Browse states →

MSAs

Explore metro-area lending patterns.

Browse MSAs by state →

Lenders

Explore individual lending institutions.

Browse lenders →

Compare Lenders

Side-by-side comparison of lending institutions.

Compare all lenders →

Methodology & Data

This analysis uses public HMDA data from the FFIEC and CFPB (2025 Snapshot, frozen June 2, 2026). Approval rates include Actions 1 and 2, denials are Action 3, and Actions 4 and 5 are excluded from the denominator.

Read the full methodology → Download data (CSV & Parquet) ↓

Methodology & Disclosures

Credit Decision Denominator Rule: Approval and denial rates are calculated strictly among actionable applications reaching a formal credit underwriting decision (Actions 1, 2, and 3: loan originated, approved but not accepted, denied). Applications withdrawn by borrower (Action 4) and closed for incompleteness (Action 5) are tracked in the broader Consumer Mortgage Universe for market completeness but excluded from credit decision rates as no underwriting decision occurred.

Official Data Source & Freeze Date: Official Home Mortgage Disclosure Act (HMDA) records published by the Federal Financial Institutions Examination Council (FFIEC) and Consumer Financial Protection Bureau (CFPB). Primary analysis uses the 2025 Snapshot National Loan-Level Dataset (frozen June 2, 2026); historical baseline uses the 2024 One-Year National Loan-Level Dataset (frozen June 2, 2026).

Public Interest Commitment: OpenFileData does not sell mortgage leads, lender placements, paid rankings, or individualized mortgage recommendations.

For complete technical formulas, SQL implementations, and data definitions, read the full Mortgage Lending Methodology Specification.