Mortgage statistics in US

1 min read by Charlie Barton Last updated October 4, 2024

Our guide pulls together US mortgage stats, debt trends and average rates.

Mortgage debt from 2001 to 2022

Over the past two decades, mortgage debt in the US has witnessed significant growth. Starting at $7.48 trillion in 2001, it steadily increased to $19.33 trillion in 2022. This upward trajectory reflects the strong demand for housing and the accessibility of mortgage financing.

Mortgage debt in trillion U.S. dollars from 2001 to 2022 (Statista Data):

  • 2001: 7.48

  • 2002: 8.38

  • 2003: 9.39

  • 2004: 10.67

  • 2005: 12.11

  • 2006: 13.53

  • 2007: 14.62

  • 2008: 14.72

  • 2009: 14.43

  • 2010: 13.8

  • 2011: 13.5

  • 2012: 13.31

  • 2013: 13.33

  • 2014: 13.5

  • 2015: 13.88

  • 2016: 14.35

  • 2017: 14.9

  • 2018: 15.42

  • 2019: 16.04

  • 2020: 16.79

  • 2021: 18.06

  • 2022: 19.33

Mortgage rates by states

When it comes to mortgage rates, different states in the US experience varying average rates. According to MoneyTalksNews data, New York, Iowa, Arkansas, Oklahoma, and Maine are among the top five states with the highest average mortgage rates. On the other hand, California, New Jersey, Washington, Massachusetts, Utah, and Colorado are among the states with the lowest average mortgage rates.

Top 5 states with highest average mortgage rates (MoneyTalksNews Data):

  1. New York: 4.96 percent

  2. Iowa: 4.93 percent

  3. Arkansas: 4.92 percent

  4. Oklahoma: 4.91 percent

  5. Maine: 4.91 percent

Top 5 states with lowest average mortgage rates (MoneyTalksNews Data):

  1. California: 4.74 percent

  2. New Jersey: 4.75 percent

  3. Washington: 4.76 percent

  4. Massachusetts: 4.76 percent

  5. Utah: 4.77 percent

  6. Colorado: 4.77 percent

Mortgage debt by property type

Mortgage debt is not limited to traditional single-family residences but also extends to other property types. Analyzing Statista data, we find distinct trends in mortgage debt for multifamily residences, farm properties, commercial properties, and family residences.

Mortgage debt on multifamily residences in billion U.S. dollars from 2001 to 2022 (Statista Data):

  • 2005: 668.8

  • 2006: 710.48

  • 2007: 797.26

  • 2008: 848.11

  • 2009: 855.01

  • 2010: 852.19

  • 2011: 857.49

  • 2012: 888.79

  • 2013: 925.35

  • 2014: 993.19

  • 2015: 1,095

  • 2016: 1,236.3

  • 2017: 1,363.1

  • 2018: 1,489.5

  • 2019: 1,622.4

  • 2020: 1,754.6

  • 2021: 1,884.9

  • 2022: 2,047.1

Mortgage debt on multifamily residences has been on a steady rise, reaching $2.047 trillion in 2022 from $668.8 billion in 2005. This growth indicates increased investments in rental properties and the demand for multifamily housing.

Mortgage debt on farm property in billion U.S. dollars from 2001 to 2022 (Statista Data):

  • 2001: 88.54

  • 2002: 95.42

  • 2003: 83.19

  • 2004: 95.65

  • 2005: 104.77

  • 2006: 108.05

  • 2007: 112.68

  • 2008: 134.7

  • 2009: 146

  • 2010: 154.1

  • 2011: 167.2

  • 2012: 173.4

  • 2013: 185.2

  • 2014: 196.8

  • 2015: 208.8

  • 2016: 226

  • 2017: 238.1

  • 2018: 245.7

  • 2019: 267.9

  • 2020: 288.6

  • 2021: 301.7

  • 2022: 349.1

Mortgage debt on farm properties has also shown a gradual increase, indicating ongoing agricultural investments and financing needs in the sector.

Mortgage debt on commercial property in billion U.S. dollars from 2001 to 2022 (Statista Data):

  • 2001: 1.27

  • 2002: 1.37

  • 2003: 1.5

  • 2004: 1.67

  • 2005: 1.92

  • 2006: 2.21

  • 2007: 2.47

  • 2008: 2.58

  • 2009: 2.49

  • 2010: 2.34

  • 2011: 2.27

  • 2012: 2.22

  • 2013: 2.26

  • 2014: 2.36

  • 2015: 2.49

  • 2016: 2.63

  • 2017: 2.72

  • 2018: 2.83

  • 2019: 2.97

  • 2020: 3.1

  • 2021: 3.31

  • 2022: 3.57

Mortgage debt on commercial properties has followed a similar pattern, highlighting the importance of commercial real estate in the overall mortgage market.

Mortgage debt on family residences in billion U.S. dollars from 2001 to 2022 (Statista Data):

  • 2001: 5.68

  • 2002: 6.43

  • 2003: 7.26

  • 2004: 8.29

  • 2005: 9.42

  • 2006: 10.5

  • 2007: 11.24

  • 2008: 11.15

  • 2009: 10.94

  • 2010: 10.45

  • 2011: 10.21

  • 2012: 10.04

  • 2013: 9.95

  • 2014: 9.95

  • 2015: 10.08

  • 2016: 10.3

  • 2017: 10.6

  • 2018: 10.9

  • 2019: 11.19

  • 2020: 11.65

  • 2021: 12.54

  • 2022: 13.37

Mortgage debt on family residences, which represents the majority of mortgage borrowing, has steadily increased over the years, reflecting the ongoing demand for homeownership.

Mortgage interest rates

Understanding mortgage interest rates is crucial for potential borrowers. Current mortgage interest rates, as per Bankrate data, provide insights into the prevailing rates for various mortgage products. These rates are subject to change based on market conditions, lender policies, and individual borrower qualifications.

Current mortgage interest rates (Bankrate Data):

  1. 30-Year Fixed Rate: 7.02%

  2. 20-Year Fixed Rate: 6.98%

  3. 15-Year Fixed Rate: 6.43%

  4. 10-Year Fixed Rate: 6.52%

  5. 5-1 ARM: 6.06%

  6. 10-1 ARM: 6.51%

  7. 30-Year Fixed Rate FHA: 6.23%

  8. 30-Year Fixed Rate VA: 6.53%

  9. 30-Year Fixed Rate Jumbo: 7.02%

Conclusion

The mortgage market in the US is dynamic and influenced by numerous factors such as economic conditions, housing demand, and government policies. By examining mortgage debt trends, average rates, and different mortgage types, we gain valuable insights into the state of the housing market and the financial landscape. Whether you are a prospective homebuyer, real estate investor, or industry observer, understanding these mortgage statistics is essential for making informed decisions in the housing market.

Writer

Charlie Barton

Charlie Barton is a writer at Unbiased. He has been writing about personal finance and investing since 2017, with extensive knowledge of platforms and products. Charlie has a first-class degree from the London School of Economics.