Mortgage Origination Volume
Quarterly dollar volume of new mortgage originations
Where the Mortgage Origination Volume stands now
The Mortgage Origination Volume was $504.6 billion in the second quarter of 2026. Since 2003 it has ranged from $285.7 billion in the second quarter of 2014 to $1.2 trillion in the second quarter of 2021. It has been higher than a year earlier for two straight years, though it dipped from the first quarter of 2026.
What it means for households: Housing Affordability & Mortgage Statistics Behind on Your Mortgage?
How the Mortgage Origination Volume has moved since 2003
Mortgage Origination Volume: up since 2023
New mortgage originations, billions of dollars, NY Fed quarterly: $504.6 billion in the second quarter of 2026, up from $458.3 billion a year earlier. Quarterly, 2003–2026.
What the Mortgage Origination Volume measures
Mortgage Origination Volume by quarter, 2003 to 2026
| Quarter | Amount | Change from a year earlier |
|---|---|---|
| Q2 2026 | $504.6B | +$46.3B |
| Q1 2026 | $529.8B | +$104.2B |
| Q4 2025 | $524.4B | +$59.1B |
| Q3 2025 | $512.2B | +$63.9B |
| Q2 2025 | $458.3B | +$84.2B |
| Q1 2025 | $425.6B | +$22.9B |
| Q4 2024 | $465.3B | +$71.5B |
| Q3 2024 | $448.3B | +$61.9B |
| Q2 2024 | $374.1B | −$19.3B |
| Q1 2024 | $402.7B | +$79.2B |
| Q4 2023 | $393.8B | −$103.8B |
| Q3 2023 | $386.4B | −$246.1B |
| Q2 2023 | $393.4B | −$364.7B |
| Q1 2023 | $323.5B | −$535.4B |
| Q4 2022 | $497.6B | −$537.54B |
| Q3 2022 | $632.5B | −$482.15B |
| Q2 2022 | $758.1B | −$459.68B |
| Q1 2022 | $858.9B | −$279.44B |
| Q4 2021 | $1T | −$0.2T |
| Q3 2021 | $1.1T | +$0.1T |
| Q2 2021 | $1.2T | +$371.39B |
| Q1 2021 | $1.1T | +$476.72B |
| Q4 2020 | $1.2T | +$422.59B |
| Q3 2020 | $1T | +$521B |
| Q2 2020 | $846.4B | +$372.3B |
| Q1 2020 | $661.7B | +$317.7B |
| Q4 2019 | $752B | +$350.5B |
| Q3 2019 | $528.3B | +$83B |
| Q2 2019 | $474.1B | +$36.6B |
| Q1 2019 | $344B | −$83.9B |
| Q4 2018 | $401.5B | −$50B |
| Q3 2018 | $445.3B | −$34.1B |
| Q2 2018 | $437.5B | +$16B |
| Q1 2018 | $427.9B | −$63.5B |
| Q4 2017 | $451.5B | −$165.3B |
| Q3 2017 | $479.4B | +$2.3B |
| Q2 2017 | $421.5B | −$5.1B |
| Q1 2017 | $491.4B | +$102.8B |
| Q4 2016 | $616.8B | +$179.9B |
| Q3 2016 | $477.1B | −$12B |
| Q2 2016 | $426.6B | −$39.1B |
| Q1 2016 | $388.6B | +$20.1B |
| Q4 2015 | $436.9B | +$82.7B |
| Q3 2015 | $489.1B | +$152.1B |
| Q2 2015 | $465.7B | +$180B |
| Q1 2015 | $368.5B | +$36.6B |
| Q4 2014 | $354.2B | −$97.2B |
| Q3 2014 | $337B | −$211.8B |
| Q2 2014 | $285.7B | −$293.2B |
| Q1 2014 | $331.9B | −$244.9B |
| Q4 2013 | $451.4B | −$101.4B |
| Q3 2013 | $548.8B | +$28.2B |
| Q2 2013 | $578.9B | +$117.1B |
| Q1 2013 | $576.8B | +$165B |
| Q4 2012 | $552.8B | +$148.7B |
| Q3 2012 | $520.6B | +$228.3B |
| Q2 2012 | $461.8B | +$109.9B |
| Q1 2012 | $411.8B | −$85.4B |
| Q4 2011 | $404.1B | −$58.9B |
| Q3 2011 | $292.3B | −$96.8B |
| Q2 2011 | $351.9B | −$13.9B |
| Q1 2011 | $497.2B | +$117.7B |
| Q4 2010 | $463B | +$70.3B |
| Q3 2010 | $389.1B | −$122.2B |
| Q2 2010 | $365.8B | −$150.4B |
| Q1 2010 | $379.5B | −$18.1B |
| Q4 2009 | $392.7B | +$90.7B |
| Q3 2009 | $511.3B | +$117.5B |
| Q2 2009 | $516.2B | −$41.7B |
| Q1 2009 | $397.6B | −$55.6B |
| Q4 2008 | $302B | −$212.6B |
| Q3 2008 | $393.8B | −$308.1B |
| Q2 2008 | $557.9B | −$90.2B |
| Q1 2008 | $453.2B | −$298.5B |
| Q4 2007 | $514.6B | −$127.3B |
| Q3 2007 | $701.9B | −$18B |
| Q2 2007 | $648.1B | −$80.9B |
| Q1 2007 | $751.7B | +$76.4B |
| Q4 2006 | $641.9B | −$158.1B |
| Q3 2006 | $719.9B | −$42B |
| Q2 2006 | $729B | +$96.5B |
| Q1 2006 | $675.3B | +$16.1B |
| Q4 2005 | $800B | +$128.7B |
| Q3 2005 | $761.9B | −$24.9B |
| Q2 2005 | $632.5B | −$78.4B |
| Q1 2005 | $659.2B | +$2.4B |
| Q4 2004 | $671.3B | −$356.7B |
| Q3 2004 | $786.8B | −$276.88B |
| Q2 2004 | $710.9B | −$303.65B |
| Q1 2004 | $656.8B | −$312.2B |
| Q4 2003 | $1T | — |
| Q3 2003 | $1.1T | — |
| Q2 2003 | $1T | — |
| Q1 2003 | $969B | — |
Quarterly · New York Fed Consumer Credit Panel / Equifax
Counties with the highest delinquency scores
There's no county figure for this measure, so this list uses the delinquency part of our County Distress Index.
| Rank | County | Score (0–100) |
|---|---|---|
| 1 | Coahoma County, MS | 99.5 |
| 2 | Washington County, MS | 99.3 |
| 3 | Leflore County, MS | 99.3 |
| 4 | Williamsburg County, SC | 99.2 |
| 5 | Dillon County, SC | 98.9 |
| 6 | Clayton County, GA | 98.9 |
| 7 | Yazoo County, MS | 98.6 |
| 8 | Sunflower County, MS | 98.5 |
| 9 | Marlboro County, SC | 98.4 |
| 10 | Dallas County, AL | 98.3 |
Questions about the Mortgage Origination Volume
How much in new mortgages is being originated?
The New York Fed counted $504.6 billion for the second quarter of 2026, up from $458.3 billion in the second quarter of 2025. That covers purchase loans, refinances and closed-end home equity loans, dated by when they first appear on a credit report rather than when they closed.
Is this how much mortgage debt Americans owe?
No. It is a single quarter's new loans. Outstanding mortgage balances are a far larger stock, and a refinance adds a new loan here even though it pays off an old one.
Is mortgage origination volume at a record?
No. Of 94 quarters since 2003, it ranks 46th largest, in dollars not adjusted for inflation.
Where does this data come from?
The New York Fed's Quarterly Report on Household Debt and Credit, built from its Consumer Credit Panel, a random sample of anonymized Equifax credit reports scaled up to the nation. It comes out about six weeks after each quarter ends.
Sources and method for the Mortgage Origination Volume
- New York Fed Consumer Credit Panel / Equifax We use the quarterly figures as published, from the first quarter of 2003 through the second quarter of 2026, with no adjustment of our own. Federal Reserve Bank of New York doesn’t adjust this amount for the season, so compare a quarter with the same quarter a year earlier. Federal Reserve Bank of New York’s report
We write with assistance from AI tools. Figures come from the data and sources named on this page.