{"id":2301,"date":"2020-01-29T17:13:54","date_gmt":"2020-01-29T17:13:54","guid":{"rendered":"https:\/\/movity.com\/?p=2301"},"modified":"2020-03-13T18:25:55","modified_gmt":"2020-03-13T18:25:55","slug":"mortgage-statistics","status":"publish","type":"post","link":"https:\/\/movity.com\/blog\/mortgage-statistics\/","title":{"rendered":"39 Eye-Opening Mortgage Statistics"},"content":{"rendered":"<p>[vc_row][vc_column][vc_column_text]<span style=\"font-weight: 400;\">No industry quite felt the pinch of the Great Recession like the housing industry. Construction laborers lost their jobs, construction projects ground to a halt, homeowners struggled to sell their property and nobody wanted a piece of the American homeowners pie.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thankfully, the economy is recovering and the proof of that can be found in the <\/span><span style=\"font-weight: 400;\">mortgage statistics<\/span><span style=\"font-weight: 400;\"> you\u2019re about to read.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Looking for an overview of the American housing market? Look no further than these informative <\/span><span style=\"font-weight: 400;\">mortgage statistics<\/span><span style=\"font-weight: 400;\">. <\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Fascinating Mortgage Facts and Stats<br \/>\n&#8221; font_container=&#8221;tag:h2|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There are 52.7 million active mortgages in the US\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Only 10% of mortgages were originated to borrowers with credit scores lower than 647<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">63% of homes have a mortgage\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">1 in 109 mortgage applications have indications of fraud<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The average monthly mortgage payment is around $1,030<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">2018 saw 41,736 reverse mortgages issued to American\u2019s over the age of 62 years<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Total mortgage debt outstanding amounts to over 15.4 trillion US dollars<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Nearly 1 in 5 US buyers use FHA loans to finance their homes\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">3.6% of all home mortgages are in a state of delinquency<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The overall level of mortgage applications increased by 1.5% this month <\/span><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;USA Mortgage Statistics<br \/>\n&#8221; font_container=&#8221;tag:h3|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<span style=\"font-weight: 400;\">From interest rates to denial rates, we\u2019re going to dish out the details on mortgage rates. Are you ready to discover the <\/span><span style=\"font-weight: 400;\">USA mortgage statistics<\/span><span style=\"font-weight: 400;\">? Great. Let\u2019s go!\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">1. The median originating score for borrowers is 759\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Mortgage statistics indicate that the median credit score for borrowers was lower at the start of 2019 than it was at the end of 2018. Only 10% of mortgages were originated to borrowers with credit scores lower than 647 and a median originating score of 759.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">2. $344 billion in newly originated mortgage debt <\/span><span style=\"font-weight: 400;\">mortgage statistics 2019<\/span><span style=\"font-weight: 400;\"> say\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The start of 2019 saw the lowest quarterly volume of <\/span><span style=\"font-weight: 400;\">mortgage origination<\/span><span style=\"font-weight: 400;\"> since 2014. A mere $344 billion was measured as new mortgage balances and refinanced mortgages at the end of 2019\u2019s first quarter.\u00a0\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">3. 90.2% of mortgage applications are accepted\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Mortgage loan statistics<\/span><span style=\"font-weight: 400;\"> of 2019 so far show that purchase denials are at their lowest since 2004. Only 1 in 10 mortgage applications were denied, which is only 9.8% of all applications. Nationally speaking, this means that 90.2% of mortgage applications are accepted.\u00a0\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">4. <\/span><span style=\"font-weight: 400;\">Mortgage origination <\/span><span style=\"font-weight: 400;\">amounts to $375 billion\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The third quarter of 2019 saw purchase loan mortgage origination amounting to $375 billion. The origination fees of 0.5% &#8211; 1% of the amount are included in this $375 billion.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">5. Black mortgage applicants are denied at more than double the rate of whites<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Even though acts such as the Fair Housing Act aim to reduce <\/span><span style=\"font-weight: 400;\">mortgage discrimination statistics<\/span><span style=\"font-weight: 400;\">, we do still see discrimination when applying for mortgages. Data from 2016 shows that 20.9% of black borrowers were turned down along with 15.5% of Hispanic borrowers.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">6. 1 in 109 mortgage applications have indications of fraud\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">At the end of the second quarter of 2018, 1 in 109 mortgage applications had indications of fraud. That\u2019s 0.92% of all mortgage applications. Income fraud risk increased by 22.1% and occupancy fraud risk increased by 3.5%.\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">7. <\/span><span style=\"font-weight: 400;\">Mortgage lending statistic<\/span><span style=\"font-weight: 400;\">s show nearly half of mortgage originators are non-banks\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">In December of 2018, non-bank originators accounted for 44% of all lending. To put this into context, in 2009, non-bank originators only accounted for 9% of lending.\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">8. The US government has 17 different loans for homeowners\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Contrary to popular belief, <\/span><span style=\"font-weight: 400;\">government mortgage statistics<\/span><span style=\"font-weight: 400;\"> are incredibly positive. The US government offers 17 different types of loans to help Americans realize their dreams of becoming homeowners.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">9. Residential mortgage closing now takes an average of 41 days<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">If you&#8217;re in a hurry to close a purchase loan on your new home, you may be disappointed. Due to the low rates, more people are clamoring to purchase homes and lenders are struggling to keep up. The Bank of America now takes an average of 41 days to close a purchase loan while refinancing closing times have jumped to 60 days.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">10. 71,000 homeowners had a new foreclosure notation added to their credit reports\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Since the start of January to the end of March, 71,000 individual homeowners had a new foreclosure notation added to their credit reports. Even though this is an increase from last year&#8217;s results, this foreclosure rate is considered very low.\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">11. 3.6% of all American mortgages are in a state of delinquency\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Fewer Americans are defaulting on their mortgage payments. In May 2019, 3.6% of all home mortgages were in a state of delinquency, with 1.3% of these defaults being more than 90 days late.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">12. Nearly 1 in 5 US buyers use FHA loans to finance their homes\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Nearly 1 in 5 US buyers pick an FHA loan to finance their home purchases. This is because FHA mortgages are easier to qualify for, have lower interest rates, lower closing costs and can offer different terms.\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">13. The mortgage industry is worth $15.5 trillion\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Mortgage market statistics<\/span><span style=\"font-weight: 400;\"> show that the mortgage industry is a $15.5 trillion one. This figure has risen and continues to increase in post-recession times. The bulk of this amount comes from 1-4 family residential properties, which account for $10.9 trillion.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">14. 41,736 reverse mortgages issued in 2018\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">In 2018, precisely 41,736 reverse mortgages were issued to American&#8217;s over the age of 62 years. This number shows a 26.7% decrease in comparison to the <\/span><span style=\"font-weight: 400;\">opposite mortgage statistics<\/span><span style=\"font-weight: 400;\"> of 2017.\u00a0\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">15. Mortgage applications rise by 1.5% as the year draws to a close\u00a0\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Mortgage application statistics <\/span><span style=\"font-weight: 400;\">show that more people began applying for mortgages at the end of November. The overall level of applications increased by 1.5%. The average rate of mortgage applications in the US is 0.48% from 2007 up until 2019.\u00a0\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">16. <\/span><span style=\"font-weight: 400;\">USA Mortgage statistics <\/span><span style=\"font-weight: 400;\">show 43% of first-time buyers settle down in the suburbs\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Almost half of all first-time buyers (43%) choose a property in the suburbs, while 40% are gravitating toward urban areas and cities. Only 17% of first-time buyers choose to settle down in rural areas.<\/span>[\/vc_column_text][vc_single_image image=&#8221;2303&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Mortgage Debt Statistics<br \/>\n&#8221; font_container=&#8221;tag:h3|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<span style=\"font-weight: 400;\">Phew! It&#8217;s fair to say that the mortgage industry is booming. What about the people contributing to those figures? Let&#8217;s take a look at the <\/span><span style=\"font-weight: 400;\">mortgage debt statistics<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">17. Total mortgage debt outstanding amounts to over 15.4 trillion US dollars\u00a0\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The <\/span><span style=\"font-weight: 400;\">mortgage debt outstanding statistics<\/span><span style=\"font-weight: 400;\"> of 2019 might shock you. At the end of 2019&#8217;s first quarter, the total mortgage debt outstanding amounted to over 15.4 trillion US dollars.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">18. <\/span><span style=\"font-weight: 400;\">Average American debt including mortgage<\/span><span style=\"font-weight: 400;\"> is $135,768\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">For people aged 36 to 44 years old, the <\/span><span style=\"font-weight: 400;\">average American debt, including mortgage<\/span><span style=\"font-weight: 400;\">, was a whopping $135,768 as of December 2018. The majority of this debt is mortgage debt, with the median housing debt being approximately $93,700.\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">19. <\/span><span style=\"font-weight: 400;\">US mortgage market size<\/span><span style=\"font-weight: 400;\"> is $10.3 trillion\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">At the end of the third quarter of 2018, the total real estate ownership in the US was nearly $25.6 trillion, with total mortgages sitting at the $10.3 trillion mark. Looking at these <a href=\"https:\/\/movity.com\/blog\/real-estate-statistics\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>real estate statistics<\/strong><\/a>, this means that individuals who own real estate in America have $15.2 trillion in home equity.\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">20. The <\/span><span style=\"font-weight: 400;\">average US mortgage<\/span><span style=\"font-weight: 400;\"> is around $354,000<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">As of March 2019, the average American consumer was looking for loans at an average size of $354,000. This figure is a record high and indicates resilience in the <a href=\"https:\/\/movity.com\/blog\/housing-market-trends\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>housing market<\/strong><\/a>.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">21. The <\/span><span style=\"font-weight: 400;\">average down payment on a house<\/span><span style=\"font-weight: 400;\"> is 5.3% of its purchase price\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">In 2018, the <\/span><span style=\"font-weight: 400;\">average down payment on a house<\/span><span style=\"font-weight: 400;\"> in the US was $15,490. Working on the median house price of $270,000, this means that the down payment amounts to 5.37% of the purchase price.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">22. The <\/span><span style=\"font-weight: 400;\">average monthly mortgage payment<\/span><span style=\"font-weight: 400;\"> is $1,030\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The <\/span><span style=\"font-weight: 400;\">average monthly mortgage payment<\/span><span style=\"font-weight: 400;\"> is around $1,030, which is a little higher than the average payment of $1,015 in 2011. These amounts include the tax and insurance costs too. Excluding those factors, the <\/span><span style=\"font-weight: 400;\">average monthly mortgage payment<\/span><span style=\"font-weight: 400;\"> is approximately $853.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">23. The <\/span><span style=\"font-weight: 400;\">average home interest rate <\/span><span style=\"font-weight: 400;\">is 4%\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">As of November 2019, the <\/span><span style=\"font-weight: 400;\">average home interest rate <\/span><span style=\"font-weight: 400;\">on a 30-year fixed mortgage is 4%, with the actual rates offered ranging anything from 3% to 7.84%. The rate is typically dependant on the term of the mortgage loan, your down payment and your credit history. <\/span>[\/vc_column_text][vc_single_image image=&#8221;2304&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Demographics<br \/>\n&#8221; font_container=&#8221;tag:h3|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<span style=\"font-weight: 400;\">So we know the numbers, it\u2019s time to take a look at the people who make up these numbers. Who are the American mortgage holders?\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">24. Average mortgage debt for people aged 35 to 44 is $185,900\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The <\/span><span style=\"font-weight: 400;\">average mortgage balance by age<\/span><span style=\"font-weight: 400;\"> is as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Under 35: Mortgage debt at an average of $142,000 on a primary residence<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">35 to 44: Mortgage debt at an average of $185,900 on a primary residence\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">45 to 54: Mortgage debt at an average of $150,500 on a primary residence\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">55 to 64: Mortgage debt at an average of $131,900 on a primary residence\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">65 to 74: Mortgage debt at an average of $130,700 on a primary residence<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Over 75: Mortgage debt at an average of $57,500 on a primary residence\u00a0<\/span><\/li>\n<\/ul>\n<h4><span style=\"font-weight: 400;\">25. Females pay up to 13 basis points higher on mortgage payments\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Female sole borrowers pay rates of up to 13 basis points higher than their male counterparts and female co-borrowers. While the issue is vastly understudied, speculation suggests that females have higher mortgage interest rates because they make less money and have lower credit scores.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">26. 64.9% of borrowers are Non-Hispanic whites\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The <\/span><span style=\"font-weight: 400;\">average mortgage balance by race <\/span><span style=\"font-weight: 400;\">is as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Asian borrowers: 5.8%\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Black or African American borrowers: 6.4%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Hispanic white borrowers: 8.7%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Non-Hispanic white borrowers: 64.9%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Other minority borrowers: 0.9%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Joint ethnicity borrowers: 3.7%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Missing ethnicity borrowers: 9.6%<\/span><\/li>\n<\/ul>\n<h4><span style=\"font-weight: 400;\">27. Married couples have a better chance of qualifying for a mortgage\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Thanks to discrimination laws in place, your family type status doesn&#8217;t directly impact whether your mortgage application is accepted or denied. However, family type indirectly affects mortgage approval and can either help or hurt your application. For example: if you&#8217;re married, your spouse&#8217;s credit score and income are also considered in your application, while single people need to earn higher incomes to qualify for a mortgage loan.\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">28. <\/span><span style=\"font-weight: 400;\">Average mortgage balance by education<\/span><span style=\"font-weight: 400;\">: a Master\u2019s degree will afford you a mortgage of $339,978.\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The ugly truth is that the more educated you are, the more debt you&#8217;ll incur throughout your lifetime. People who have higher education earn a higher income, which leads to higher spending. For example, high school diplomas will typically afford you a mortgage value of $161,231 while a Master&#8217;s degree will provide you a mortgage of around $339,978.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">29. Mortgage lenders prefer debt to income ratio of less than 36%\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">When applying for a mortgage, lenders will always consider your debt to income ratio. Generally speaking, lenders prefer debt to income ratios smaller than 36%, with no more than 28% of that debt allocated to servicing a mortgage.\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Bank Mortgage Rates<br \/>\n&#8221; font_container=&#8221;tag:h3|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<span style=\"font-weight: 400;\">Let\u2019s now take a look at the <\/span><span style=\"font-weight: 400;\">mortgage rate statistics<\/span><span style=\"font-weight: 400;\"> of the past and the present. Our goal &#8211; detecting a pattern or two.\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">30. In 2019, the mortgage interest rate for 30-year mortgages is 4.37%\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The end of the first quarter of 2019 saw the interest rate for 30-year mortgages at 4.37%, 15-year mortgages at 3.81% and 5-year ARM at 3.87%. The interest rate for each mortgage type dropped when compared to the rates of 2018\u2019s fourth quarter.\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">31. <\/span><span style=\"font-weight: 400;\">Mortgage refinance rates <\/span><span style=\"font-weight: 400;\">are between 3% and 6% of a loan&#8217;s principal\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Refinancing your mortgage will cost 3% to 6% of the loan\u2019s principal. The general rule of thumb when refinancing is that you should only consider it if you\u2019ll be able to reduce your interest rate by a minimum of 2%.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">32. <\/span><span style=\"font-weight: 400;\">Average mortgage interest rate 2019<\/span><span style=\"font-weight: 400;\"> is 3.13% for 15-year mortgages\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The average mortgage interest rate on a 15-year fixed mortgage is 3.13% with an APR of 3.33%. The average interest rate on a 30-year fixed mortgage is 3.69% with an APR of 3.80% and the 5\/1 ARM rate is 3.84% with an APR of a hefty 6.98%.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">33. <\/span><span style=\"font-weight: 400;\">Wells Fargo mortgage rates<\/span><span style=\"font-weight: 400;\"> are 3.75% as of today\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">At the time of writing, <\/span><span style=\"font-weight: 400;\">Wells Fargo mortgage rates<\/span><span style=\"font-weight: 400;\"> are at 3.75% for 30-year mortgages, 3.49% for 20-year mortgages and 3.0% for 15-year mortgages. It&#8217;s worth mentioning that these percentages fluctuate daily so be sure to check a <\/span><span style=\"font-weight: 400;\">mortgage calculator<\/span><span style=\"font-weight: 400;\">.\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">34.<\/span><span style=\"font-weight: 400;\"> Rocket mortgage rates <\/span><span style=\"font-weight: 400;\">are 4.56% as of today\u00a0\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Rocket Mortgage is one of the leading online mortgage lenders in the US. The Rocket mortgage rate for 30-year mortgages is 4.56%, a 15-year mortgage is at 4.12% while a 5\/1 ARM is at 3.87% at the time of writing.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">35. <\/span><span style=\"font-weight: 400;\">Chase mortgage rate<\/span><span style=\"font-weight: 400;\"> sits at 4.60% as of today\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Chase mortgage rates are known for their stability. For a 30-year fixed-rate mortgage, you&#8217;re looking at 4.60%, a 15-year mortgage will be 4.10% and a 5\/1 ARM has an interest rate of 4.65%.<\/span>[\/vc_column_text][vc_single_image image=&#8221;2305&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Mortgage Trends for 2020<br \/>\n&#8221; font_container=&#8221;tag:h3|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<span style=\"font-weight: 400;\">Have these <\/span><span style=\"font-weight: 400;\">mortgage statistics<\/span><span style=\"font-weight: 400;\"> given you hope, or knotted a ball of fear firmly in your belly? Before you make your mind up, let\u2019s look forward and see what the future holds for the world of mortgages.\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">36. 63% of people feel that now is a good time to buy a house\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Mortgage rate predictions for 2019 were wildly inaccurate. The <\/span><span style=\"font-weight: 400;\">housing and mortgage trends<\/span><span style=\"font-weight: 400;\"> that the end of 2019\u2019s third quarter brought with it include the following:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Single-family home transactions increased by 1.3% from July to August<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Housing supply inventory dropped by 2.6%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Refinancing activity decreased by 17%\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">63% of people feel that now is a good time to buy a house\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<h4><span style=\"font-weight: 400;\">37. <\/span><span style=\"font-weight: 400;\">Mortgage rates trends<\/span><span style=\"font-weight: 400;\"> for 2020 set to remain near the historically low levels of today&#8217;s rates\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Fannie Mae<\/span><span style=\"font-weight: 400;\"> experts expect the mortgage rate for 2020 to average between 3.6% to 3.7%. They do, however state that geopolitical issues, conflicts, the strength of the housing market and the risk of a recession could cause this estimate to fluctuate either way.\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">38. <\/span><span style=\"font-weight: 400;\">Mortgage rate forecast 2020<\/span><span style=\"font-weight: 400;\"> &#8211; rates expected to remain below 4%\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Given the incorrect predictions made for 2019, experts are wary of making the same mistakes. While further predictions for the mortgage rate forecast for 2020 are yet to be revealed, experts are confidently predicting that mortgage rates are set to remain below the 4% mark throughout 2020.<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">39. <\/span><span style=\"font-weight: 400;\">Mortgage rate prediction for the next 5 years<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Nobody is capable of predicting the future, that much is a given. However, by analyzing past and recent data &amp; aligning them with current affairs, we can safely assume the following predictions of 30-year mortgage rates are not far from what the reality will be:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Closing rate of December 2019: 3.68%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Closing rate of December 2020: 3.66%\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Closing rate of December 2021: 3.97%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Closing rate of December 2022: 4.88%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Closing rate of December 2023: 5.77%<\/span><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;FAQs<br \/>\n&#8221; font_container=&#8221;tag:h4|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<span style=\"font-weight: 400;\">Before we wrap this article up, here are the answers to the frequently asked questions regarding mortgages in the US.\u00a0<\/span><\/p>\n<h5><span style=\"font-weight: 400;\">How many mortgages are there in the US?<\/span><\/h5>\n<p><span style=\"font-weight: 400;\">There are a total of 52.7 million mortgages in the US. Interestingly enough, this has been the case for the last three quarters which indicates that people are paying off their mortgages at the same rate that others are started.<\/span><\/p>\n<h5><span style=\"font-weight: 400;\">What is the average life of a mortgage loan?<\/span><\/h5>\n<p><span style=\"font-weight: 400;\">The average life of a mortgage loan is 30 years. However, many other terms are available being 20, 15 and 10-year mortgage loans.\u00a0\u00a0<\/span><\/p>\n<h5><span style=\"font-weight: 400;\">What percentage of homes have a mortgage?<\/span><\/h5>\n<p><span style=\"font-weight: 400;\">In 2017, 37% of homes were not financed by mortgages, which means that 63% of households have a mortgage. The percentage of mortgage-free homes has been increasing since 2006 and shows no signs of letting up just yet.\u00a0\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Wrap Up&#8221; font_container=&#8221;tag:h3|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<span style=\"font-weight: 400;\">You made it to the end of this article! Is your brain practically bursting with all of this information? We sure hope so.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After reading up on these <\/span><span style=\"font-weight: 400;\">mortgage statistics<\/span><span style=\"font-weight: 400;\">, what will you decide to do?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Is now the perfect time for you to apply for a mortgage and purchase your dream home, or will you be refinancing your current home? Let us know in the comments section below.\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Sources:&#8221; font_container=&#8221;tag:p|text_align:left&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/interactives\/householdcredit\/data\/pdf\/HHDC_2019Q1.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Federal Reserve Bank of New York\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.housingwire.com\/articles\/lendingtree-u-s-mortgage-denials-are-now-at-lowest-level-since-financial-crisis\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Housing Wire\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.statista.com\/statistics\/275722\/mortgage-originations-in-the-united-states\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Statista\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.zillow.com\/research\/black-white-mortgage-denials-19616\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Zillow\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.corelogic.com\/downloadable-docs\/mortgage-fraud-report-sept-2018-screen-091118.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Core Logic<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.economist.com\/finance-and-economics\/2018\/12\/01\/non-bank-firms-are-now-big-players-in-americas-mortgage-market\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The Economist\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.govloans.gov\/loans\/browse-by-category\/category\/6\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">GovLoans<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.reuters.com\/article\/us-usa-banks-mortgages\/spike-in-u-s-mortgage-activity-catches-big-banks-flat-footed-idUSKBN1WX1BU\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Reuters<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.corelogic.com\/blog\/2019\/08\/overall-us-delinquency-rate-holds-at-lowest-level-in-more-than-20-years.aspx\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Core Logic\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/themortgagereports.com\/17567\/fha-mortgage-rates-federal-housing-administration-assumable-203k-mip\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The Mortgage Reports\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.chamberofcommerce.org\/mortgage-loan-statistics\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Chamber of Commerce<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.investopedia.com\/mortgage\/reverse-mortgage\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Investopedia\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/tradingeconomics.com\/united-states\/mortgage-applications\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Trading Economics\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.zillow.com\/report\/2018\/highlights\/the-challenge-of-buying-for-the-first-time\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Zillow<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.federalreserve.gov\/data\/mortoutstand\/current.htm\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Federal Reserve\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.debt.org\/faqs\/americans-in-debt\/demographics\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Debt.org\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.magnifymoney.com\/blog\/mortgage\/u-s-mortgage-market-statistics-2018\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Magnify Money\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.reuters.com\/article\/us-usa-mortgages\/average-u-s-mortgage-size-hits-record-high-354500-mba-idUSKBN1QU1VA\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Reuters<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.housingwire.com\/articles\/49443-the-average-down-payment-is-much-smaller-than-you-think\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Housing Wire<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.thebalance.com\/average-monthly-mortgage-payment-4154282\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The Balance\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.valuepenguin.com\/mortgages\/average-mortgage-rates\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Value Penguin<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/smartasset.com\/credit-cards\/the-average-debt-by-age\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SmartAsset\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.fmaconferences.org\/Vegas\/Papers\/Gender_Equality_in_Mortgage_Lending_Fang_Munneke_FMA.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">FMA Conferences\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.mortgagecalculator.org\/helpful-advice\/mortgage-statistics.php\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Mortgage Calculator\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.mortgageloan.com\/how-marital-status-affects-your-ability-get-mortgage-9885\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Mortgage Loan<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/themortgagereports.com\/47354\/how-much-home-can-you-buy-with-your-education-level\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The Mortgage Reports\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.investopedia.com\/ask\/answers\/081214\/whats-considered-be-good-debttoincome-dti-ratio.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Investopedia\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.statista.com\/statistics\/500056\/quarterly-mortgage-intererst-rates-by-mortgage-type-usa\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Statista\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.investopedia.com\/mortgage\/refinance\/when-and-when-not-to-refinance-mortgage\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Investopedia\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.bankrate.com\/mortgage.aspx\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bank Rate\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.wellsfargo.com\/mortgage\/rates\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Wells Fargo<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/smartasset.com\/mortgage\/rocket-mortgage-rates\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SmartAsset\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/smartasset.com\/mortgage\/chase-mortgage-rates\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SmartAsset<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.bankrate.com\/real-estate\/housing-trends\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bank Rate\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.dallasnews.com\/sponsored\/real-estate\/2019\/11\/23\/experts-predict-where-mortgage-interest-rates-land-in-2020\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Dallas News\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/themortgagereports.com\/56280\/2020-mortgage-rates-forecast-experts\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The Mortgage Reports<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/longforecast.com\/mortgage-interest-rates-forecast-2017-2018-2019-2020-2021-30-year-15-year\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Longforecast<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.investopedia.com\/personal-finance\/american-debt-mortgage-debt\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Investopedia<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.hsh.com\/finance\/mortgage\/common-mortgage-types.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">HSH.com<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.housingwire.com\/articles\/49624-almost-40-of-homes-in-the-us-are-mortgage-free\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Housing Wire<\/span><\/a><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]No industry quite felt the pinch of the Great Recession like the housing industry. Construction laborers lost their jobs, construction projects ground to a halt, homeowners struggled to sell their property and nobody wanted a piece of the American homeowners pie.\u00a0 Thankfully, the economy is recovering and the proof of that can be found in [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":2302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[170],"tags":[],"_links":{"self":[{"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/posts\/2301"}],"collection":[{"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/comments?post=2301"}],"version-history":[{"count":2,"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/posts\/2301\/revisions"}],"predecessor-version":[{"id":2496,"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/posts\/2301\/revisions\/2496"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/media\/2302"}],"wp:attachment":[{"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/media?parent=2301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/categories?post=2301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/tags?post=2301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}