United States Home Loan Market By Type (Home Purchase, Refinance, Home Improvement, Construction, Other (Re-Sale etc.)), By End User (Employed Individuals, Professionals, Students, Entrepreneur, Others (Homemaker, Unemployed, Retired, etc.)), By Tenure Period (less than 5 years, 6-10 years, 11-24 years, and 25-30 years), By Region, Competition, Forecast & Opportunities, 2028

Published Date: February - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format

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United States Home Loan Market By Type (Home Purchase, Refinance, Home Improvement, Construction, Other (Re-Sale etc.)), By End User (Employed Individuals, Professionals, Students, Entrepreneur, Others (Homemaker, Unemployed, Retired, etc.)), By Tenure Period (less than 5 years, 6-10 years, 11-24 years, and 25-30 years), By Region, Competition, Forecast & Opportunities, 2028

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Home Loan Market Size was estimated at 69.59 (USD Billion) in 2024. The Home Loan Market Industry is expected to grow from 76.49 (USD Billion) in 2025 to 179.20 (USD Billion) till 2034, exhibiting a compound annual growth rate (CAGR) of 9.92% during the forecast period (2025 - 2034).

United States Home Loan Market is anticipated to project robust growth in the forecast period because of the increasing number of potential home loan buyers, automation of the loan process, and increasing digitalization.

A loan from a financial institution to purchase residential property is known as home loan. Customers can utilize a home loan to buy a property that is either finished and ready to move into or is still being built. Banks and Non-Banking Financial Companies both offer home loans (NBFCs). These come with a range of interest rates that are frequently dependent on your credit score. Typically, home loans have a term of up to 30 years and require repayment in Equated Monthly Installments.

Consumer demand for mortgages has surged significantly in the United States over the past two years due to the rise in home buying during COVID-19.Banks, nonbank lenders, and mortgage sector investors would continue to see strong demand from the purchase market.

Increasing Homeownership in United States Will Lead to the Market Growth

The COVID-19 outbreak, and the consequent economic collapse haven't diminished the American ambition of home ownership. The overall expansion of the economy and the rise in households in the United States over time contribute to the portion of the increase in homeownership. In 2020, the country had more than 2.1 million homeowners, or 2.6% annual growth. Since 1965, this is the seventh-largest percentage rise in homeowners

Automation in Home Loan Process Will Boost the Market Growth

The mortgage business has been increasingly implementing technology to speed up and simplify the front-to-back mortgage application process. This is being done to improve the customer experience. By increasing consumer access to home financing and home-buying services, investors can help advance improvements at the points of origination, processing, underwriting, and loan servicing. The mortgage industry has been implementing technology to improve the customer experience and speed up the mortgage application process. Compared to Chinese digital payment companies, which saw growth of 17 percent in 2020, the U.S. digital payments business expanded at a faster rate of 23%. These software programs are made to accelerate the mortgage application process, reduce costs for the lender, and enhance the client experience in general. Thus, increasing digitalization will fuel the home loan market in the United States.

Growth of Nonbank Lenders Will Fuel the Market Growth

Nonbanks stepped in to fill the gap, especially with borrowers looking for refinancing.Many significant bank and nonbank lenders have invested in proprietary or third-party technologies over the past five years in various portions of the value chain to support diverse operations. Front-end platform modernization, workflow management, document extraction and management, income and asset verification, employment verification, title verification, appraisal management, e-closings, automated compliance, and decisions are just a few of the lengthy lists of steps that have been addressed. Over the past ten years, nonbank mortgage lenders have overtaken banks' market share. Since 2016, these lenders have accounted for more than half of the market. They don't accept deposits or provide other banking services. Seven of the top ten mortgage lenders in the US at the end of 2020 were not banks. Thus, the growth of nonbank lenders will fuel the market growth.

Market Segmentation

The United States Home Loan Market is segmented based on type, end-user, tenure period, region, and competitional landscape. Based on type, the market is further fragmented into home purchase, refinance, home improvement, construction, and other (re-sale, etc.). Based on the end user, the market is segmented into employed individuals, professionals, students, entrepreneurs, and others (homemakers, unemployed, retired, etc.). The market is segmented based on the tenure period into less than 5 years, 6-10 years, 11-24 years, and 25-30 years. Based on region, the market is divided into South, West, Midwest, and Northeast.

MIR Segment1

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key players in the U.S. home loan market

1. Major Banks

  • JPMorgan Chase & Co.One of the largest banks in the U.S., offering a wide range of mortgage products.

  • Bank of AmericaProvides various home loan options, including fixed-rate and adjustable-rate mortgages.

  • Wells FargoA leading mortgage lender in the U.S., offering conventional, FHA, VA, and jumbo loans.

  • CitibankOffers competitive mortgage rates and a variety of loan options.

  • U.S. BankProvides home purchase loans, refinancing, and home equity lines of credit.

2. Mortgage Lenders

  • Quicken Loans (Rocket Mortgage)The largest retail mortgage lender in the U.S., known for its digital mortgage platform.

  • LoanDepotA non-bank lender offering a variety of mortgage products and refinancing options.

  • Freedom MortgageSpecializes in FHA, VA, and conventional loans.

  • Caliber Home LoansProvides purchase and refinance loans, including government-backed loans.

  • Fairway Independent Mortgage CorporationOffers a wide range of mortgage products and services.

3. Credit Unions

  • Navy Federal Credit UnionThe largest credit union in the U.S., offering competitive mortgage rates to members.

  • PenFed Credit UnionProvides mortgage loans with low rates and flexible terms.

  • Alliant Credit UnionOffers home loans with competitive rates and low fees.

4. Government-Sponsored Enterprises (GSEs)

  • Fannie Mae (Federal National Mortgage Association)Provides liquidity to the mortgage market by purchasing and guaranteeing mortgages.

  • Freddie Mac (Federal Home Loan Mortgage Corporation)Works similarly to Fannie Mae, supporting the housing market by purchasing mortgages from lenders.

5. Online Lenders

  • SoFiOffers competitive mortgage rates and a streamlined online application process.

  • Better.comKnown for its fully digital mortgage platform and no lender fees.

  • LendingTreeAn online marketplace that connects borrowers with multiple lenders to compare mortgage offers.

6. Non-Bank Financial Institutions

  • Guaranteed RateA top retail mortgage lender offering a variety of loan options.

  • New American FundingProvides a range of mortgage products, including loans for first-time homebuyers.

  • CrossCountry MortgageOffers a wide array of mortgage products and services.

7. Regional Banks

  • PNC BankOffers mortgage loans with competitive rates and a variety of options.

  • TD BankProvides home purchase loans, refinancing, and home equity lines of credit.

  • Regions BankOffers a range of mortgage products and services.

8. Specialty Lenders

  • Veterans United Home LoansSpecializes in VA loans for military members and veterans.

  • Mr. Cooper (formerly Nationstar Mortgage)Focuses on mortgage servicing and origination.

9. Investment Banks

  • Goldman Sachs (through Marcus)Offers personal loans and has ventured into the mortgage space.

  • Morgan StanleyProvides mortgage services through its wealth management division.

10. Real Estate Platforms

  • RedfinOffers mortgage services in addition to its real estate brokerage services.

  • Zillow Home LoansProvides mortgage pre-approvals and refinancing options.

11. Government Agencies

  • Federal Housing Administration (FHA)Insures mortgages for low-to-moderate-income borrowers.

  • Department of Veterans Affairs (VA)Guarantees mortgages for eligible veterans and service members.

  • USDA Rural DevelopmentOffers home loans for rural homebuyers.

Company Profiles

Attribute

Details

Base Year

2022

Historical Years

2018–2021

Estimated Year

2023E

Forecast Period

2024F –2028F

Quantitative Units

Revenue in USD Million and CAGR for 2018-2022 and 2023E- 2028F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Type

End User

Tenure Period

Company

Regional Scope

 South, West, Midwest, and Northeast

Key Companies Profiled

Bank of America Corporation, JPMorgan Chase & Co., Citigroup, Inc., Wells Fargo & Co., U.S. Bancorp, PNC Financial Services Group, Inc., American Express Company, Ally Financial Inc., Truist Financial Corporation and Goldman Sachs & Co. LLC.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

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Related Reports

Table of Content

TABLE OF CONTENTS

1. EXECUTIVE SUMMARY

1.1. Market Overview

1.2. Key Findings

1.3. Market Segmentation

1.4. Competitive Landscape

1.5. Challenges and Opportunities

1.6. Future Outlook

2. MARKET INTRODUCTION

2.1. Definition

2.2. Scope of the study

2.2.1. Research Objective

2.2.2. Assumption

2.2.3. Limitations

3. RESEARCH METHODOLOGY

3.1. Overview

3.2. Data Mining

3.3. Secondary Research

3.4. Primary Research

3.4.1. Primary Interviews and Information Gathering Process

3.4.2. Breakdown of Primary Respondents

3.5. Forecasting Model

3.6. Market Size Estimation

3.6.1. Bottom-Up Approach

3.6.2. Top-Down Approach

3.7. Data Triangulation

3.8. Validation

4. MARKET DYNAMICS

4.1. Overview

4.2. Drivers

4.3. Restraints

4.4. Opportunities

5. MARKET FACTOR ANALYSIS

5.1. Value chain Analysis

5.2. Porter's Five Forces Analysis

5.2.1. Bargaining Power of Suppliers

5.2.2. Bargaining Power of Buyers

5.2.3. Threat of New Entrants

5.2.4. Threat of Substitutes

5.2.5. Intensity of Rivalry

5.3. COVID-19 Impact Analysis

5.3.1. Market Impact Analysis

5.3.2. Regional Impact

5.3.3. Opportunity and Threat Analysis

6. HOME LOAN MARKET, BY LOAN PURPOSE (USD BILLION)

6.1. Purchase

6.2. Refinance

6.3. Debt Consolidation

6.4. Construction

6.5. Renovation

7. HOME LOAN MARKET, BY LOAN AMOUNT (USD BILLION)

7.1. Up to $250,000

7.2. $250,000 - $500,000

7.3. $500,000 - $1,000,000

7.4. $1,000,000+

8. HOME LOAN MARKET, BY LOAN TERM (USD BILLION)

8.1. 15 years

8.2. 20 years

8.3. 25 years

8.4. 30 years

9. HOME LOAN MARKET, BY INTEREST RATE TYPE (USD BILLION)

9.1. Fixed-Rate

9.2. Adjustable-Rate

10. HOME LOAN MARKET, BY QUALIFICATION CRITERIA (USD BILLION)

10.1. Credit Score

10.2. Income

10.3. Down Payment

10.4. Debt-to-Income Ratio

11. HOME LOAN MARKET, BY REGIONAL (USD BILLION)

11.1. North America

11.1.1. US

11.1.2. Canada

11.2. Europe

11.2.1. Germany

11.2.2. UK

11.2.3. France

11.2.4. Russia

11.2.5. Italy

11.2.6. Spain

11.2.7. Rest of Europe

11.3. APAC

11.3.1. China

11.3.2. India

11.3.3. Japan

11.3.4. South Korea

11.3.5. Malaysia

11.3.6. Thailand

11.3.7. Indonesia

11.3.8. Rest of APAC

11.4. South America

11.4.1. Brazil

11.4.2. Mexico

11.4.3. Argentina

11.4.4. Rest of South America

11.5. MEA

11.5.1. GCC Countries

11.5.2. South Africa

11.5.3. Rest of MEA

12. COMPETITIVE LANDSCAPE

12.1. Overview

12.2. Competitive Analysis

12.3. Market share Analysis

12.4. Major Growth Strategy in the Home Loan Market

12.5. Competitive Benchmarking

12.6. Leading Players in Terms of Number of Developments in the Home Loan Market

12.7. Key developments and growth strategies

12.7.1. New Product Launch/Service Deployment

12.7.2. Merger & Acquisitions

12.7.3. Joint Ventures

12.8. Major Players Financial Matrix

12.8.1. Sales and Operating Income

12.8.2. Major Players R&D Expenditure. 2023

13. COMPANY PROFILES

13.1. Westpac Banking Corporation

13.1.1. Financial Overview

13.1.2. Products Offered

13.1.3. Key Developments

13.1.4. SWOT Analysis

13.1.5. Key Strategies

13.2. Citigroup

13.2.1. Financial Overview

13.2.2. Products Offered

13.2.3. Key Developments

13.2.4. SWOT Analysis

13.2.5. Key Strategies

13.3. U.S. Bank

13.3.1. Financial Overview

13.3.2. Products Offered

13.3.3. Key Developments

13.3.4. SWOT Analysis

13.3.5. Key Strategies

13.4. Commonwealth Bank of Australia

13.4.1. Financial Overview

13.4.2. Products Offered

13.4.3. Key Developments

13.4.4. SWOT Analysis

13.4.5. Key Strategies

13.5. J.P. Morgan Chase

13.5.1. Financial Overview

13.5.2. Products Offered

13.5.3. Key Developments

13.5.4. SWOT Analysis

13.5.5. Key Strategies

13.6. Truist

13.6.1. Financial Overview

13.6.2. Products Offered

13.6.3. Key Developments

13.6.4. SWOT Analysis

13.6.5. Key Strategies

13.7. Santander

13.7.1. Financial Overview

13.7.2. Products Offered

13.7.3. Key Developments

13.7.4. SWOT Analysis

13.7.5. Key Strategies

13.8. Deutsche Bank

13.8.1. Financial Overview

13.8.2. Products Offered

13.8.3. Key Developments

13.8.4. SWOT Analysis

13.8.5. Key Strategies

13.9. Barclays

13.9.1. Financial Overview

13.9.2. Products Offered

13.9.3. Key Developments

13.9.4. SWOT Analysis

13.9.5. Key Strategies

13.10. National Australia Bank

13.10.1. Financial Overview

13.10.2. Products Offered

13.10.3. Key Developments

13.10.4. SWOT Analysis

13.10.5. Key Strategies

13.11. Bank of America

13.11.1. Financial Overview

13.11.2. Products Offered

13.11.3. Key Developments

13.11.4. SWOT Analysis

13.11.5. Key Strategies

13.12. BNP Paribas

13.12.1. Financial Overview

13.12.2. Products Offered

13.12.3. Key Developments

13.12.4. SWOT Analysis

13.12.5. Key Strategies

13.13. Wells Fargo

13.13.1. Financial Overview

13.13.2. Products Offered

13.13.3. Key Developments

13.13.4. SWOT Analysis

13.13.5. Key Strategies

13.14. HSBC

13.14.1. Financial Overview

13.14.2. Products Offered

13.14.3. Key Developments

13.14.4. SWOT Analysis

13.14.5. Key Strategies

13.15. PNC Financial Services Group

13.15.1. Financial Overview

13.15.2. Products Offered

13.15.3. Key Developments

13.15.4. SWOT Analysis

13.15.5. Key Strategies

14. APPENDIX

14.1. References

14.2. Related Reports

 


 

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