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- US mortgage debt totaled $11.18 trillion as of the first quarter of 2022, according to the Federal Reserve Bank of New York.
- U.S. commercial real estate debt will exceed $5 trillion in 2021, according to commercial real estate data provider Trepp.
- Mortgages accounted for 71% of total household debt in the first quarter of 2022, according to the New York Fed.
- Mortgage lenders issued 2.71 million mortgages in the first quarter of 2022, according to ATTOM. This is his biggest decline since 2014.
- According to the Mortgage Bankers Association, average first mortgage balances hit a record high of $298,324 in 2021 from $278,725 in 2020.
- $2.7 trillion of mortgages will be refinanced in 2021, down slightly from $2.8 trillion in 2020, according to Black Knight, a mortgage technology and data provider.
- There will be more than 52,900 reverse mortgages originated in 2021, according to reverse mortgage data provider Reverse Market Insights.
- In 2021, just over 22% of traditional mortgage borrowers paid for private mortgage insurance (PMI), according to the Urban Institute.
- According to the National Association of Realtors, existing home sales will reach 6.12 million units in 2021, the highest in 15 years.
- Home prices are expected to rise 10.4% in 2022 and 5% in 2023, according to Freddie Mac’s Spring 2022 Forecast.
Mortgage Market Share by Loan Type
| Loan type | market share |
|---|---|
| Source: Home Mortgage Disclosure Act (HMDA) data, 2021 | |
| conventional | 82% |
| VA | 9% |
| FHAMore | 8% |
| Department of Agriculture | 1% |
Mortgage Statistics by Loan Duration
The most popular type of mortgage is the 30 year mortgage. This gives homebuyers a full 30-year repayment period, meaning smaller payments over a longer period of time.
| type of mortgage | market share | Origination (dollar volume) |
|---|---|---|
| Source: HMDA data, 2021 | ||
| 30 year fixed interest rate | 70% | $3.91 trillion |
| 15 year fixed rate | 9% | $486.73 billion |
| 5/1 arm | 1% | $83.71 billion |
| 7/1 arm | 2% | $117.45 billion |
| Other fixed rate terms (such as 10 or 20 years) | Ten% | $583.73 billion |
| Other ARM terms (10/1, 5/6, 7/6, etc.) | 7% | $410 billion |
Annual housing loan origination amount
The composition amount of a housing loan fluctuates every year depending on economic conditions and housing conditions. Mortgage originations in 2021 hit a record $4.4 trillion, according to Black Knight. This is because mortgage interest rates have hovered around 3% for him.
After 2022, the story could be very different. As of spring 2022, Fannie Mae predicted a steep year-on-year decline, with mortgage originations reaching $2.7 trillion this year and $2.25 trillion in 2023.
Current and Historical Mortgage Rates
According to Bankrate’s latest research:
- Currently, the average 30-year fixed mortgage rate at time of purchase is
. - Currently, the average 15-year fixed mortgage rate at time of purchase is
. - Currently, the average 30-year fixed mortgage rate for refinancing is
. - Currently, the average 15-year fixed mortgage rate for refinancing is
. - Currently, the average 5/1 ARM rate is
. - Currently, the average 7/1 ARM rate is
.
While historical 30-year fixed mortgage rates have varied widely, rates have remained fairly stable over the past decade.
The initial economic impact of the pandemic has made it cheaper to borrow money, but if you’re looking to buy a home in 2020 and 2021, you’ll be dealing with both record-low interest rates and record-high home prices. These record-low interest rates were particularly attractive to homeowners who took advantage of the refinancing opportunity.
Interest rates are now rising at a much faster pace than expected. The Federal Reserve is working to address a major inflationary challenge threatening the economy, and its actions will see interest rates fall from 3.4% in early 2022 to more than 5% by April. rose rapidly to
There is no crystal ball for mortgage rates, but the summer housing market will be very busy as buyers try to lock rates in as quickly as possible. Freddie Mac forecasts that refinancing will decline from $2.8 trillion in 2021 to $960 billion in 2022.
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