Minnesota
Mortgage Loan Application
Totals and Details
in 2021

Find mortgage statistics and mortgage data for Minnesota.
Our lists allow you to explore the total number of mortgage applications and mortgage application details for 2003-2022 in all of Minnesota.
You can organize this information by metropolitan area and by county.

Years 2022  2021  2020  2019  2018  2017  2016  2015  2014  2013  2012  2011  2010  2009  2008  2007  2006  2005  2004  2003  
Total Number of Mortgage Applications 455,475
Total Mortgage Loan Application Amount $115,182,660,000
Average Mortgage Loan Application Amount $252,000
Highest Mortgage Loan Application Amount $78,855,000
Average Applicant Income $116,000
Highest Applicant Income $9,600,000

Mortgage stats and application averages for each year are shown below, as well as highest application amount and the income of the highest applicant.
If you are looking for a mortgage or loan application data statistics in Minnesota, these numbers will give you an idea of what to expect as you begin to look for a lender.

These lists can also be organized by various details about Mortgage Loan Applications for each year, with categories such as loan purpose, race of mortgage applicant, loan type, the outcome of the application, and reason for denial.

Each category breaks down the total number of mortgage applications, the total dollar amount for those applications, the average mortgage amount, and the highest mortgage within that category. You can also look at information regarding the average income of the mortgage applicants and the highest income of the mortgage applicants. If you're looking for a certain type of mortgage, these numbers will give you a better gauge of what to expect in various situations.

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Mortgage Loan Application Detail Totals for Minnesota in 2021

Loan Purpose

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Refinancing 177,205 $43,197,745,000 $243,000 $35,535,000 $118,000 $9,600,000
Home Purchase 149,691 $45,149,740,000 $301,000 $78,855,000 $111,000 $9,600,000
Cash-out Refinancing 96,224 $23,104,490,000 $240,000 $47,035,000 $111,000 $5,934,000
Home Improvement 16,195 $1,711,115,000 $105,000 $68,005,000 $142,000 $9,221,000
Other Purpose 14,016 $1,697,560,000 $121,000 $9,995,000 $144,000 $8,116,000
Not Applicable 2,144 $322,010,000 $150,000 $10,005,000 $16,000 $169,000

Applicant Race

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
White 307,288 $72,775,010,000 $236,000 $18,175,000 $117,000 $9,600,000
Not Provided 54,966 $13,539,230,000 $246,000 $9,995,000 $124,000 $7,962,000
Not applicable 42,156 $16,480,145,000 $390,000 $78,855,000 $177,000 $2,489,000
Asian 18,181 $4,846,825,000 $266,000 $3,005,000 $114,000 $2,640,000
Black or African American 14,584 $3,477,110,000 $238,000 $2,535,000 $91,000 $6,500,000
Hispanic 13,023 $2,776,405,000 $213,000 $2,305,000 $86,000 $1,500,000
American Indian or Alaskan Native 2,512 $530,410,000 $211,000 $1,575,000 $103,000 $6,184,000
Native Hawaiian or Other Pacific Islander 319 $74,365,000 $233,000 $9,995,000 $106,000 $995,000

Loan Type

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Conventional (any loan other than FHA, VA, FSA, or RHS loans) 385,827 $98,448,990,000 $255,000 $78,855,000 $121,000 $9,600,000
FHA-insured (Federal Housing Administration) 38,862 $8,720,170,000 $224,000 $25,725,000 $65,000 $6,612,000
VA-guaranteed (Veterans Administration) 26,760 $7,286,810,000 $272,000 $9,995,000 $80,000 $1,274,000
FSA/RHS (Farm Service Agency or Rural Housing Service) 4,026 $726,690,000 $180,000 $985,000 $58,000 $678,000

Outcome

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Loan Originated 294,457 $76,185,625,000 $258,000 $78,855,000 $118,000 $8,549,000
Application Withdrawn By Applicant 49,285 $12,420,110,000 $252,000 $68,005,000 $121,000 $9,600,000
Loan Purchased By The Institution 44,674 $12,433,520,000 $278,000 $14,095,000 $137,000 $2,489,000
Application Denied By Financial Institution 37,359 $7,393,905,000 $197,000 $19,405,000 $94,000 $9,476,000
File Closed For Incompleteness 20,944 $4,631,360,000 $221,000 $8,005,000 $110,000 $3,768,000
Application Approved But Not Accepted 8,278 $1,985,370,000 $239,000 $39,505,000 $111,000 $3,080,000
Preapproval Approved but not Accepted 346 $99,260,000 $286,000 $1,255,000 $110,000 $753,000
Preapproval Denied by Financial Institution 132 $33,510,000 $253,000 $685,000 $74,000 $720,000

Denial Reason

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Not applicable 411,319 $105,129,420,000 $255,000 $78,855,000 $118,000 $9,600,000
Debt-To-Income Ratio 17,175 $4,789,305,000 $278,000 $59,995,000 $87,000 $8,044,000
Credit History 8,411 $1,312,975,000 $156,000 $9,995,000 $95,000 $6,318,000
Credit Application Incomplete 6,314 $1,405,300,000 $222,000 $19,405,000 $114,000 $9,476,000
Collateral 4,852 $942,940,000 $194,000 $9,995,000 $122,000 $6,186,000
Other 4,070 $865,110,000 $212,000 $10,005,000 $99,000 $6,184,000
Unverifiable Information 2,033 $439,035,000 $215,000 $2,945,000 $119,000 $3,437,000
Employment History 676 $145,870,000 $215,000 $2,635,000 $80,000 $8,116,000
Insufficient Cash (Downpayment, Closing Cost) 616 $151,050,000 $245,000 $1,785,000 $96,000 $1,360,000
Mortgage Insurance Denied 9 $1,655,000 $183,000 $365,000 $78,000 $150,000
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Mortgage Loan Application Totals in 2021 by Minnesota Metropolitan Area

Metro Area Total Number of Mortgage Loan Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Application Amount Average Applicant Income
DULUTH, MN-WI 15,804 $ 2,960,830,000 $ 187,000 $ 100,000
MANKATO-NORTH MANKATO, MN 5,979 $ 1,226,005,000 $ 205,000 $ 96,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 323,570 $ 89,041,645,000 $ 275,000 $ 123,000
ROCHESTER, MN 16,004 $ 3,560,140,000 $ 222,000 $ 112,000
ST. CLOUD, MN 12,702 $ 2,712,260,000 $ 213,000 $ 94,000
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Mortgage Loan Application Totals in 2021 by Minnesota County

County Total Number of Mortgage Loan Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Application Amount Average Applicant Income
Aitkin 1,521 $ 304,805,000 $ 200,000 $ 117,000
Anoka 35,965 $ 8,670,295,000 $ 241,000 $ 99,000
Becker 2,764 $ 679,520,000 $ 245,000 $ 126,000
Beltrami 1,778 $ 347,370,000 $ 195,000 $ 96,000
Benton 2,896 $ 567,860,000 $ 196,000 $ 89,000
Big Stone 213 $ 29,585,000 $ 138,000 $ 115,000
Blue Earth 3,911 $ 806,545,000 $ 206,000 $ 95,000
Brown 1,371 $ 198,375,000 $ 144,000 $ 76,000
Carlton 2,606 $ 479,230,000 $ 183,000 $ 88,000
Carver 11,935 $ 3,634,845,000 $ 304,000 $ 142,000
Cass 2,745 $ 659,495,000 $ 240,000 $ 141,000
Chippewa 504 $ 80,220,000 $ 159,000 $ 80,000
Chisago 6,014 $ 1,385,950,000 $ 230,000 $ 96,000
Clay 4,796 $ 1,001,160,000 $ 208,000 $ 92,000
Clearwater 348 $ 50,780,000 $ 145,000 $ 80,000
Cook 375 $ 93,945,000 $ 250,000 $ 159,000
Cottonwood 445 $ 66,985,000 $ 150,000 $ 87,000
Crow Wing 5,893 $ 1,448,805,000 $ 245,000 $ 131,000
Dakota 42,749 $ 11,120,575,000 $ 260,000 $ 116,000
Dodge 1,635 $ 322,665,000 $ 197,000 $ 89,000
Douglas 2,799 $ 669,965,000 $ 239,000 $ 112,000
Faribault 544 $ 66,730,000 $ 122,000 $ 68,000
Fillmore 1,198 $ 196,050,000 $ 163,000 $ 80,000
Freeborn 1,532 $ 208,150,000 $ 135,000 $ 78,000
Goodhue 3,278 $ 689,990,000 $ 210,000 $ 97,000
Grant 291 $ 43,575,000 $ 149,000 $ 78,000
Hennepin 108,610 $ 33,242,430,000 $ 306,000 $ 141,000
Houston 1,042 $ 180,060,000 $ 172,000 $ 94,000
Hubbard 1,356 $ 287,200,000 $ 211,000 $ 114,000
Isanti 4,490 $ 1,001,730,000 $ 223,000 $ 87,000
Itasca 3,019 $ 554,585,000 $ 183,000 $ 102,000
Jackson 448 $ 62,980,000 $ 140,000 $ 75,000
Kanabec 1,224 $ 217,170,000 $ 177,000 $ 81,000
Kandiyohi 2,304 $ 442,580,000 $ 192,000 $ 96,000
Kittson 113 $ 12,505,000 $ 110,000 $ 85,000
Koochiching 475 $ 67,065,000 $ 141,000 $ 87,000
Lac qui Parle 253 $ 35,125,000 $ 138,000 $ 88,000
Lake 775 $ 149,365,000 $ 192,000 $ 118,000
Lake of the Woods 206 $ 32,560,000 $ 158,000 $ 88,000
Le Sueur 2,402 $ 524,830,000 $ 218,000 $ 99,000
Lincoln 247 $ 37,275,000 $ 150,000 $ 94,000
Lyon 1,178 $ 193,010,000 $ 163,000 $ 91,000
Mahnomen 165 $ 26,115,000 $ 158,000 $ 89,000
Marshall 326 $ 41,250,000 $ 126,000 $ 76,000
Martin 908 $ 127,130,000 $ 140,000 $ 86,000
McLeod 2,522 $ 479,330,000 $ 190,000 $ 84,000
Meeker 1,484 $ 271,040,000 $ 182,000 $ 88,000
Mille Lacs 2,367 $ 455,585,000 $ 192,000 $ 87,000
Morrison 1,956 $ 361,220,000 $ 184,000 $ 87,000
Mower 2,354 $ 362,260,000 $ 153,000 $ 73,000
Murray 328 $ 51,820,000 $ 157,000 $ 94,000
Nicollet 2,068 $ 419,460,000 $ 202,000 $ 98,000
Nobles 492 $ 78,410,000 $ 159,000 $ 77,000
Norman 285 $ 37,695,000 $ 132,000 $ 75,000
Olmsted 11,723 $ 2,771,215,000 $ 236,000 $ 121,000
Otter Tail 4,135 $ 897,465,000 $ 217,000 $ 115,000
Pennington 593 $ 98,285,000 $ 165,000 $ 78,000
Pine 2,351 $ 413,355,000 $ 175,000 $ 85,000
Pipestone 382 $ 51,120,000 $ 133,000 $ 73,000
Polk 1,685 $ 293,365,000 $ 174,000 $ 95,000
Pope 630 $ 120,820,000 $ 191,000 $ 99,000
Ramsey 38,329 $ 9,683,810,000 $ 252,000 $ 109,000
Red Lake 123 $ 18,745,000 $ 152,000 $ 80,000
Redwood 648 $ 80,680,000 $ 124,000 $ 75,000
Renville 587 $ 76,635,000 $ 130,000 $ 78,000
Rice 4,469 $ 1,076,205,000 $ 240,000 $ 95,000
Rock 548 $ 91,170,000 $ 166,000 $ 81,000
Roseau 566 $ 83,010,000 $ 146,000 $ 77,000
Scott 15,956 $ 4,645,970,000 $ 291,000 $ 127,000
Sherburne 10,446 $ 2,525,920,000 $ 241,000 $ 100,000
Sibley 969 $ 167,885,000 $ 173,000 $ 83,000
St. Louis 12,423 $ 2,332,235,000 $ 187,000 $ 102,000
Stearns 9,806 $ 2,144,400,000 $ 218,000 $ 96,000
Steele 2,466 $ 456,480,000 $ 185,000 $ 89,000
Stevens 368 $ 51,620,000 $ 140,000 $ 85,000
Swift 337 $ 43,525,000 $ 129,000 $ 78,000
Todd 1,239 $ 210,675,000 $ 170,000 $ 90,000
Traverse 93 $ 11,725,000 $ 126,000 $ 81,000
Wabasha 1,448 $ 270,210,000 $ 186,000 $ 91,000
Wadena 563 $ 88,275,000 $ 156,000 $ 74,000
Waseca 901 $ 153,335,000 $ 170,000 $ 76,000
Washington 28,815 $ 8,220,945,000 $ 285,000 $ 131,000
Watonwan 482 $ 66,150,000 $ 137,000 $ 87,000
Wilkin 361 $ 54,865,000 $ 151,000 $ 78,000
Winona 2,690 $ 432,550,000 $ 160,000 $ 85,000
Wright 15,492 $ 3,928,760,000 $ 253,000 $ 109,000
Yellow Medicine 348 $ 46,000,000 $ 132,000 $ 73,000

We hope these mortgage application details and statistics will give you a better idea of what to expect when applying for a mortgage.
Whether you are looking for a home loan, for home financing or refinancing, or for home improvement loan statistics, we have the information you need.
These mortgage application stats give you everything you need to know as you start your search for the best mortgage lender in Minnesota.

If you prefer, you can download a copy of the entire list of mortgage lenders in Minnesota and search similar information back through 2003.

Download the Minnesota Lender List