Mortgages With Less Than 10 Percent Equity
Share of outstanding first mortgages with less than 10 percent equity, by quarter
Where the Mortgages With Less Than 10 Percent Equity stands now
The Mortgages With Less Than 10 Percent Equity was 4.7% in the second quarter of 2026. Since 2013 it has ranged from 1.8% in the second quarter of 2022 to 25.2% in the first quarter of 2013. It has been higher than a year earlier for 15 quarters in a row, though it dipped from the first quarter of 2026.
How the Mortgages With Less Than 10 Percent Equity has moved since 2013
Mortgages With Less Than 10 Percent Equity: up since 2022
Percent of outstanding first mortgages with estimated loan-to-value above 90 percent, by number of loans, FHFA National Mortgage Database: 4.7% in the second quarter of 2026, up from 4.3% a year earlier. Quarterly, 2013–2026.
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The quote: 4.7% of outstanding first mortgages had less than 10 percent equity at the end of the second quarter of 2026, up from 4.3% a year earlier. That means the loan was more than 90 percent of the home's estimated value. The share counts first mortgages only and uses the Federal Housing Finance Agency's estimate of home values. Source: Federal Housing Finance Agency, National Mortgage Database Aggregate Statistics.
What the Mortgages With Less Than 10 Percent Equity measures
Measurement basis: Share of outstanding first mortgages, by number of loans, whose estimated current loan-to-value ratio is above 90 percent, so the owner's equity is under 10 percent of the home's estimated value or below zero. It is the sum of two shares FHFA publishes for the same mortgages in the same table of its Outstanding Residential Mortgage Statistics (All Mortgages, national): loan-to-value above 90 percent up to 100 percent (PCT_MTMLTV_91_100) and above 100 percent (PCT_MTMLTV_GT100), as of each quarter's end. FHFA rounds each share to a tenth of a percentage point, so the sum can differ from an unrounded total by up to a tenth. The home's current value is FHFA's estimate: its value at origination updated with FHFA's house price index for the area. First mortgages only, not second liens or home equity lines. It covers the mortgages in FHFA's National Mortgage Database, a nationally representative 1-in-20 sample of closed-end first mortgages reported to the credit bureaus; mortgages on investor-owned homes and manufactured homes are not as well represented. If FHFA restates a published quarter, we log the new figure for review and keep the published one.
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Mortgages With Less Than 10 Percent Equity by quarter, 2013 to 2026
| Quarter | Rate | Change from a year earlier (percentage points) |
|---|---|---|
| Q2 2026 | 4.7% | +0.4 |
| Q1 2026 | 5.0% | +0.8 |
| Q4 2025 | 4.9% | +0.8 |
| Q3 2025 | 4.7% | +1.0 |
| Q2 2025 | 4.3% | +0.8 |
| Q1 2025 | 4.2% | +0.4 |
| Q4 2024 | 4.1% | +0.3 |
| Q3 2024 | 3.7% | +0.3 |
| Q2 2024 | 3.5% | +0.2 |
| Q1 2024 | 3.8% | +0.2 |
| Q4 2023 | 3.8% | +0.5 |
| Q3 2023 | 3.4% | +1.0 |
| Q2 2023 | 3.3% | +1.5 |
| Q1 2023 | 3.6% | +1.0 |
| Q4 2022 | 3.3% | +0.5 |
| Q3 2022 | 2.4% | -0.2 |
| Q2 2022 | 1.8% | -1.5 |
| Q1 2022 | 2.6% | -2.7 |
| Q4 2021 | 2.8% | -3.3 |
| Q3 2021 | 2.6% | -3.9 |
| Q2 2021 | 3.3% | -3.3 |
| Q1 2021 | 5.3% | -1.0 |
| Q4 2020 | 6.1% | -0.3 |
| Q3 2020 | 6.5% | +0.3 |
| Q2 2020 | 6.6% | +0.5 |
| Q1 2020 | 6.3% | 0.0 |
| Q4 2019 | 6.4% | -0.2 |
| Q3 2019 | 6.2% | 0.0 |
| Q2 2019 | 6.1% | -0.2 |
| Q1 2019 | 6.3% | -0.4 |
| Q4 2018 | 6.6% | -0.5 |
| Q3 2018 | 6.2% | -0.9 |
| Q2 2018 | 6.3% | -1.3 |
| Q1 2018 | 6.7% | -1.8 |
| Q4 2017 | 7.1% | -1.4 |
| Q3 2017 | 7.1% | -1.4 |
| Q2 2017 | 7.6% | -1.7 |
| Q1 2017 | 8.5% | -1.7 |
| Q4 2016 | 8.5% | -2.1 |
| Q3 2016 | 8.5% | -2.4 |
| Q2 2016 | 9.3% | -2.3 |
| Q1 2016 | 10.2% | -2.4 |
| Q4 2015 | 10.6% | -3.2 |
| Q3 2015 | 10.9% | -3.7 |
| Q2 2015 | 11.6% | -4.6 |
| Q1 2015 | 12.6% | -5.9 |
| Q4 2014 | 13.8% | -5.8 |
| Q3 2014 | 14.6% | -6.2 |
| Q2 2014 | 16.2% | -6.5 |
| Q1 2014 | 18.5% | -6.7 |
| Q4 2013 | 19.6% | — |
| Q3 2013 | 20.8% | — |
| Q2 2013 | 22.7% | — |
| Q1 2013 | 25.2% | — |
Quarterly · Federal Housing Finance Agency, National Mortgage Database Aggregate Statistics
Counties with the highest safety net and buffer scores
There's no county figure for this measure, so this list uses the safety net and buffer part of our County Distress Index.
| Rank | County | Score (0–100) |
|---|---|---|
| 1 | Choctaw County, OK | 94.8 |
| 2 | Stewart County, GA | 94.2 |
| 3 | Noxubee County, MS | 94.2 |
| 4 | Hudspeth County, TX | 94 |
| 5 | Brooks County, TX | 94 |
| 6 | Lake County, TN | 94 |
| 7 | Duval County, TX | 93.9 |
| 8 | Ripley County, MO | 93.5 |
| 9 | Dunklin County, MO | 93.3 |
| 10 | Quitman County, GA | 93.2 |
Common questions about the Mortgages With Less Than 10 Percent Equity
What does less than 10 percent equity mean?
Equity is what a home is worth minus what is still owed on the mortgage. Less than 10 percent equity means the mortgage balance is more than 90 percent of the home's estimated value. The count includes mortgages that owe more than the home is worth.
Does this count second mortgages or home equity lines?
No. It counts first mortgages only. A home with a second mortgage or a home equity line owes more than this share shows.
How does FHFA know what a home is worth?
FHFA does not appraise each home. It takes the home's value when the loan was made and updates it with its house price index for the area, so each value is an estimate.
Does this cover every mortgage?
It covers the mortgages in FHFA's National Mortgage Database, a random one-in-20 sample of closed-end first mortgages reported to the credit bureaus. FHFA describes the sample as representative of the mortgage market as a whole. Mortgages on investor-owned homes and manufactured homes are not as well represented.
Where does this data come from?
The Federal Housing Finance Agency's National Mortgage Database Aggregate Statistics, in its Outstanding Residential Mortgage Statistics file, which FHFA publishes once a quarter. We read the file directly and add the two shares FHFA publishes for loans above 90 percent of the home's estimated value. FHFA rounds each to a tenth of a percentage point, so the total can differ from an unrounded sum by up to a tenth.
Sources and method for the Mortgages With Less Than 10 Percent Equity
- Federal Housing Finance Agency, National Mortgage Database Aggregate Statistics Measurement basis: Share of outstanding first mortgages, by number of loans, whose estimated current loan-to-value ratio is above 90 percent, so the owner's equity is under 10 percent of the home's estimated value or below zero. It is the sum of two shares FHFA publishes for the same mortgages in the same table of its Outstanding Residential Mortgage Statistics (All Mortgages, national): loan-to-value above 90 percent up to 100 percent (PCT_MTMLTV_91_100) and above 100 percent (PCT_MTMLTV_GT100), as of each quarter's end. FHFA rounds each share to a tenth of a percentage point, so the sum can differ from an unrounded total by up to a tenth. The home's current value is FHFA's estimate: its value at origination updated with FHFA's house price index for the area. First mortgages only, not second liens or home equity lines. It covers the mortgages in FHFA's National Mortgage Database, a nationally representative 1-in-20 sample of closed-end first mortgages reported to the credit bureaus; mortgages on investor-owned homes and manufactured homes are not as well represented. If FHFA restates a published quarter, we log the new figure for review and keep the published one. We use the quarterly figures as published, from the first quarter of 2013 through the second quarter of 2026, with no adjustment of our own. Federal Housing Finance Agency doesn’t adjust this rate for the season, so compare a quarter with the same quarter a year earlier. Federal Housing Finance Agency’s report