U.S. lenders originated 6.75 million loans totaling $2.12 trillion in 2025, up from $1.82 trillion in 2024, with refinances rising to $610.4 billion and IMBs capturing 57.8% of originations.
Average loan sizes increased, further straining affordability, while application fallout remained high, especially for Black, Native American/Alaskan, and Pacific Islander borrowers. The top five lenders accounted for just over 20% of total volume.
Market dynamics varied by region, with purchase-heavy Sun Belt cities contrasting refinance-driven coastal markets. iEmergent’s Mortgage MarketSmart tool now enables lenders to benchmark performance and identify growth opportunities using the 2025 HMDA data.
Is the 2025 mortgage market's growth a true recovery or just an affordability crisis in disguise?
With non-banks now dominating mortgages, are traditional banks becoming irrelevant for homebuyers?
As refinances drive the market, is the dream of homeownership fading for first-time buyers?
Can the market's momentum continue without solving the critical 1.2 million home shortage?
With 47 lenders controlling half the market, is competition truly working for consumers?
Will new deregulation efforts actually lower housing costs for the average American family?