A mortgage is the most common way to finance a home purchase. From a macroeconomic perspective, mortgages serve as a financial instrument that helps regulate spending and inflation. The record-low mortgage rates in the wake of the COVID-19 pandemic stimulated home buying and contributed to a surge in house prices. In response to the rising inflation in 2021, central banks worldwide introduced aggressive interest rate hikes, resulting in higher costs for mortgage borrowers. Consequently, the global housing market has slowed notably.
In this section, Statista presents the most relevant and up to date facts on the mortgages and financing market worldwide such as the largest lenders, average mortgage rates, debt outstanding, delinquencies, and many more.
Share of the population in European countries who are owner-occupants in 2023, with or without a mortgage
Further details: Visit original statistic Share of the population in European countries who are owner-occupants in 2023, with or without a mortgage
High homeownership rate does not always mean high mortgage penetration. In Europe, both Norway and Romania were among the countries with highest home ownership. Nevertheless, in Norway, over 60 percent of the households were owner-occupied with a mortgage, whereas in Romania, the share was around one percent. This has to do with many factors such as housing policy, the supply and demand on the housing market, as well as the overall economic stability in the country.
Mortgage originations in the U.S., by typeMedian down payment of first-time and repeat buyers in the United States from 1989 to 2023
Further details: Visit original statistic Median down payment of first-time and repeat buyers in the United States from 1989 to 2023
Repeat buyers in the United States have consistently had a larger percentage of the purchase price to put down as a down payment when buying a home compared with first-time buyers. In 2023, repeat buyers had 19 percent of the purchase price on hand, whereas first-time buyers only had eight percent of theirs.
Average value of first-time buyer mortgages in the UK, by regionAverage mortgage rates for selected European countries in 2023
Further details: Visit original statistic Average mortgage rates for selected European countries in 2023
Mortgage interest rates are decided on the base level of supply and demand, with main macro determinants including factors such as inflation, economic growth, and the health of the housing market. Though at a record low until recently, mortgage rates have soared in many countries worldwide. Higher mortgage rates are a direct result of central banks hiking lending rates to tackle inflation.
Average mortgage interest rate UK, by type of mortgageLargest mortgage lenders in the United Kingdom (UK) from 2022 to 2023, by market share
Further details: Visit original statistic Largest mortgage lenders in the United Kingdom (UK) from 2022 to 2023, by market share
Comparing the market shares of mortgage lenders is an easy way to find the industry leaders. In 2022, Lloyds Banking Group was the UK’s largest lender with 17 percent of gross mortgage lending. Besides banks, home buyers often turn to building societies for funding – financial institutions similar to credit unions with focus on housing loans. Nationwide BS was the biggest building society and the third-largest lender with a market share of approximately 11.5 percent in 2021.
Leading reverse mortgage lenders U.S., by market share
A mortgage is a loan which is taken out to finance a real estate purchase and is paid out with a predetermined set of payments. Both private and legal persons can take out a mortgage. Mortgages differ depending on the term and interest rate – fixed, adjustable-rate mortgage, initial, and interest-only. Failing to make regular payments (defaulting) may result in a foreclosure and the lender taking ownership of the property.
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