In 2026 Q2, half of the first-lien mortgages made by the largest U.S. banks went to borrowers whose total monthly debt payments, including the new mortgage, took up 36% of their monthly income or more. A quarter of borrowers were at 43% or higher, and one in ten at 48% or higher.
The median borrower had a credit score of 775, and only one in ten scored below 704. The median loan was $376,185. The median loan-to-value ratio was 75%, meaning the loan covered three-quarters of the home’s price or appraised value. One in ten loans was at 95% or higher.
These banks originated $88.66 billion in first-lien mortgages that quarter. Adjustable-rate mortgages accounted for $28.29 billion of that, about 32% of the dollar volume.
What the figures measure
The numbers come from the FR Y-14M reports that the largest bank holding companies file with the Federal Reserve. The Federal Reserve Bank of Philadelphia publishes summary statistics, which are carried on FRED. They cover first-lien mortgages the banks originated and held in portfolio in each quarter, including loans later sold or securitized. They do not include mortgages made by smaller banks or by nonbank lenders.
- Back-end debt-to-income (DTI): all monthly debt payments, including the proposed housing payment, divided by monthly income, at origination.
- Loan-to-value (LTV): the loan amount divided by the lower of the sale price or the appraised value. Only loans with an LTV above 0% and below 125% are included.
- Credit score: a commercially available credit score at origination.
- Percentiles: the 90th percentile DTI of 48% means 90% of loans had a DTI at or below that level.
The adjustable-rate share is our calculation: ARM originations divided by total first-lien originations. The ARM series begins in 2013 Q3.
By quarter
| Quarter | Credit score, 10th pct. | Credit score, median | Back-end DTI, median | Back-end DTI, 75th pct. | Back-end DTI, 90th pct. | LTV, median | LTV, 90th pct. | Median loan amount | Originations ($B) | ARM originations ($B) | ARM share of dollars |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 Q2 | 704 | 775 | 36% | 43% | 48% | 75% | 95% | $376,185 | 88.66 | 28.29 | 31.9% |
| 2026 Q1 | 702 | 774 | 36% | 43% | 47% | 75% | 95% | $361,515 | 73.19 | 25.05 | 34.2% |
| 2025 Q4 | 704 | 775 | 37% | 43% | 47% | 75% | 95% | $370,514 | 84.34 | 28.84 | 34.2% |
| 2025 Q3 | 701 | 773 | 37% | 43% | 48% | 76% | 95% | $350,000 | 70.94 | 23.00 | 32.4% |
| 2025 Q2 | 701 | 772 | 37% | 43% | 48% | 76% | 95% | $351,089 | 74.61 | 24.07 | 32.3% |
| 2025 Q1 | 697 | 770 | 37% | 43% | 48% | 75% | 95% | $328,830 | 50.58 | 12.70 | 25.1% |
| 2024 Q4 | 702 | 772 | 37% | 43% | 48% | 75% | 95% | $349,600 | 68.09 | 18.90 | 27.8% |
| 2024 Q3 | 700 | 771 | 38% | 43% | 48% | 78% | 95% | $340,000 | 62.57 | 16.17 | 25.8% |
| 2024 Q2 | 703 | 772 | 38% | 44% | 48% | 79% | 95% | $340,000 | 59.64 | 16.45 | 27.6% |
| 2024 Q1 | 700 | 770 | 38% | 43% | 48% | 76% | 95% | $330,750 | 43.33 | 11.24 | 25.9% |
| 2023 Q4 | 699 | 770 | 38% | 44% | 48% | 78% | 95% | $307,168 | 45.50 | 11.79 | 25.9% |
| 2023 Q3 | 702 | 771 | 38% | 43% | 48% | 79% | 95% | $325,000 | 59.28 | 11.71 | 19.8% |
| 2023 Q2 | 701 | 772 | 37% | 42% | 47% | 79% | 95% | $333,651 | 61.10 | 12.95 | 21.2% |
| 2023 Q1 | 698 | 769 | 38% | 42% | 48% | 79% | 95% | $320,809 | 46.51 | 10.63 | 22.9% |
| 2022 Q4 | 700 | 768 | 38% | 42% | 47% | 79% | 95% | $350,814 | 72.16 | 15.43 | 21.4% |
| 2022 Q3 | 698 | 768 | 37% | 42% | 47% | 80% | 95% | $360,055 | 107.79 | 21.19 | 19.7% |
| 2022 Q2 | 695 | 768 | 36% | 41% | 47% | 75% | 95% | $330,051 | 149.77 | 24.50 | 16.4% |
| 2022 Q1 | 693 | 769 | 35% | 41% | 46% | 69% | 90% | $279,545 | 152.48 | 17.49 | 11.5% |
| 2021 Q4 | 696 | 771 | 35% | 40% | 45% | 68% | 90% | $279,043 | 217.53 | 21.70 | 10.0% |
| 2021 Q3 | 699 | 773 | 34% | 40% | 45% | 70% | 90% | $278,043 | 218.50 | 23.58 | 10.8% |
| 2021 Q2 | 703 | 776 | 33% | 39% | 45% | 70% | 90% | $267,845 | 214.47 | 21.89 | 10.2% |
| 2021 Q1 | 711 | 779 | 32% | 39% | 44% | 69% | 90% | $265,741 | 197.64 | 15.41 | 7.8% |
| 2020 Q4 | 711 | 779 | 32% | 39% | 45% | 71% | 91% | $264,041 | 175.91 | 17.00 | 9.7% |
| 2020 Q3 | 708 | 778 | 33% | 39% | 45% | 73% | 94% | $271,742 | 179.45 | 22.93 | 12.8% |
| 2020 Q2 | 706 | 775 | 33% | 39% | 44% | 73% | 93% | $289,740 | 156.84 | 26.92 | 17.2% |
| 2020 Q1 | 698 | 768 | 35% | 41% | 46% | 75% | 93% | $281,443 | 132.45 | 20.71 | 15.6% |
| 2019 Q4 | 698 | 768 | 35% | 40% | 45% | 76% | 95% | $276,042 | 169.06 | 26.83 | 15.9% |
| 2019 Q3 | 695 | 767 | 35% | 41% | 45% | 79% | 95% | $278,592 | 144.41 | 25.20 | 17.5% |
| 2019 Q2 | 692 | 765 | 36% | 41% | 46% | 80% | 95% | $278,043 | 132.99 | 24.01 | 18.1% |
| 2019 Q1 | 687 | 762 | 37% | 41% | 47% | 80% | 95% | $259,040 | 82.32 | 14.37 | 17.5% |
| 2018 Q4 | 684 | 761 | 37% | 42% | 47% | 80% | 95% | $240,037 | 88.80 | 14.15 | 15.9% |
| 2018 Q3 | 685 | 762 | 37% | 42% | 47% | 80% | 95% | $250,038 | 108.79 | 16.03 | 14.7% |
| 2018 Q2 | 687 | 762 | 37% | 42% | 47% | 80% | 95% | $250,038 | 112.78 | 17.17 | 15.2% |
| 2018 Q1 | 685 | 760 | 36% | 42% | 47% | 79% | 95% | $242,037 | 93.86 | 12.97 | 13.8% |
| 2017 Q4 | 686 | 762 | 36% | 41% | 46% | 79% | 95% | $246,038 | 117.68 | 17.79 | 15.1% |
| 2017 Q3 | 686 | 762 | 35% | 40% | 45% | 80% | 95% | $248,448 | 124.08 | 20.04 | 16.2% |
| 2017 Q2 | 686 | 762 | 35% | 40% | 44% | 80% | 95% | $243,983 | 112.74 | 19.09 | 16.9% |
| 2017 Q1 | 684 | 760 | 35% | 40% | 45% | 75% | 95% | $224,435 | 98.01 | 15.21 | 15.5% |
| 2016 Q4 | 690 | 766 | 34% | 39% | 44% | 75% | 95% | $235,756 | 153.36 | 19.39 | 12.6% |
| 2016 Q3 | 692 | 767 | 34% | 39% | 44% | 77% | 95% | $235,962 | 145.23 | 20.34 | 14.0% |
| 2016 Q2 | 691 | 766 | 34% | 39% | 44% | 77% | 95% | $234,425 | 137.07 | 18.88 | 13.8% |
| 2016 Q1 | 689 | 764 | 34% | 40% | 44% | 75% | 94% | $225,815 | 100.22 | 15.18 | 15.1% |
| 2015 Q4 | 690 | 766 | 34% | 39% | 44% | 75% | 94% | $222,503 | 109.60 | 17.30 | 15.8% |
| 2015 Q3 | 692 | 767 | 34% | 39% | 44% | 78% | 95% | $220,427 | 120.27 | 18.14 | 15.1% |
| 2015 Q2 | 694 | 770 | 33% | 39% | 44% | 75% | 94% | $224,435 | 134.63 | 18.32 | 13.6% |
| 2015 Q1 | 691 | 769 | 33% | 39% | 44% | 75% | 92% | $214,165 | 106.38 | 14.59 | 13.7% |
| 2014 Q4 | 685 | 766 | 34% | 39% | 44% | 76% | 95% | $197,871 | 95.92 | 16.74 | 17.5% |
| 2014 Q3 | 685 | 765 | 33% | 39% | 44% | 78% | 95% | $195,378 | 94.85 | 16.31 | 17.2% |
| 2014 Q2 | 683 | 765 | 33% | 39% | 44% | 79% | 95% | $187,459 | 84.16 | 14.39 | 17.1% |
| 2014 Q1 | 673 | 759 | 35% | 40% | 45% | 77% | 95% | $177,839 | 75.92 | 11.94 | 15.7% |
| 2013 Q4 | 675 | 761 | 34% | 40% | 45% | 76% | 95% | $170,788 | 94.41 | 13.60 | 14.4% |
| 2013 Q3 | 684 | 766 | 32% | 39% | 45% | 75% | 95% | $175,656 | 154.44 | 17.60 | 11.4% |
| 2013 Q2 | 688 | 770 | 31% | 39% | 45% | 74% | 95% | $175,656 | 179.73 | — | — |
| 2013 Q1 | 689 | 771 | 30% | 38% | 45% | 73% | 95% | $180,223 | 185.22 | — | — |
| 2012 Q4 | 691 | 772 | 30% | 38% | 45% | 74% | 95% | $183,686 | 177.61 | — | — |
| 2012 Q3 | 694 | 773 | 31% | 39% | 45% | 75% | 95% | $194,326 | 181.21 | — | — |
Quarters from 2012 Q3 to 2026 Q2, newest first. A dash means the series had no value that quarter. A year earlier, in 2025 Q2, the median back-end DTI was 37% and the median credit score was 772.
Source
Federal Reserve Bank of Philadelphia, Large Bank Consumer Mortgage Originations series, retrieved from FRED (Federal Reserve Bank of St. Louis) on October 25, 2026. U.S. government data. The ARM share is our calculation. Our table is available under CC BY 4.0. Credit "My Credit Guide (mycreditguide.org)".
Steven Reynolds, "Mortgage Underwriting at the Largest Banks," My Credit Guide, October 25, 2026, https://mycreditguide.org/data/large-bank-mortgage-underwriting/.