What does US mortgage debt outstanding measure?

It measures the stock of mortgage debt owed in the United States, split by property type — one-to-four-family, multifamily, commercial and farm — and by who borrows and who holds the debt.

Who publishes this data and how far back does it go?

The Federal Reserve Board publishes it quarterly in the Financial Accounts of the United States (Z.1), with records back to the fourth quarter of 1945.

What is the difference between mortgage borrowers and mortgage holders?

Borrowers are the sectors that owe the debt, mainly households. Holders are the sectors that own the loans, including banks, agency and GSE-backed pools, and credit unions.

Why does the split between holders matter?

Because it shows how much mortgage credit risk sits on bank balance sheets versus in securitised pools, which determines who absorbs losses when delinquencies rise.

US Mortgage Debt by Holder and State

Name: US Mortgage Debt by Holder and State
Creator: Federal Reserve Board - Financial Accounts of the United States (Z.1)
License: https://creativecommons.org/licenses/by/4.0/

US mortgage debt outstanding by property type, by borrower and by the sector holding the loan (Financial Accounts Z.1), together with the share of loans that are 30-89 days late, seriously delinquent, in forbearance or in foreclosure for every state and for the main market segments, from the National Mortgage Database.

Source: Federal Reserve Board - Financial Accounts of the United States (Z.1)Last updated: Sep 22, 2026, 13:43Curated by Bui Thanh PhucAbout this data ↓

Indicator	Q2-2026	Q1-2026	Q4-2025	Q3-2025	Q2-2025	Q1-2025	Q4-2024	Q3-2024	Q2-2024	Q1-2024	Q4-2023	Q3-2023	Q2-2023
MORTGAGE DEBT OUTSTANDING3
Total mortgages outstanding4	21,878.38	21,669.43	21,563.67	21,368.24	21,154.17	20,967.21	20,869.43	20,708.91	20,533.33	20,390.97	20,295.22	20,151.98	19,970.42
One-to-four-family residential	14,983.48	14,823.3	14,780.27	14,675.16	14,548.07	14,419.89	14,359.95	14,244.48	14,129.33	14,017.61	13,971.9	13,876.43	13,751.39
Multifamily residential	2,493.37	2,472.97	2,448.69	2,396.56	2,356.15	2,332.63	2,307.32	2,272.13	2,247.45	2,228.71	2,204.3	2,184.3	2,160.04
Commercial	4,011.46	3,987.5	3,953.41	3,918.74	3,875.71	3,843.94	3,834.86	3,830.63	3,800.51	3,794.18	3,774.13	3,749	3,719.39
Farm	390.08	385.66	381.3	377.77	374.24	370.75	367.3	361.67	356.04	350.47	344.9	342.25	339.61
Borrowers2
Households and nonprofit organizations	14,572.32	14,417.91	14,368.62	14,259.87	14,129.44	14,000.93	13,942.62	13,831.31	13,714.98	13,607.83	13,560.58	13,460.62	13,328.81
Nonfinancial business	7,306.07	7,251.52	7,195.05	7,108.37	7,024.73	6,966.28	6,926.81	6,877.6	6,818.35	6,783.14	6,734.64	6,691.36	6,641.61
Holders12
Nonfinancial noncorporate business	68.82	67.86	66.17	64.78	63.74	62.62	61.74	60.9	60.3	59.68	58.92	57.65	56.39
State and local governments	248.06	248.06	248.06	244.39	240.76	237.19	233.67	232.34	231.02	229.71	228.4	235.79	243.41
Private depository institutions4	7,325.41	7,255.89	7,228.57	7,166.01	7,115.07	7,048.42	7,029.58	7,004.31	6,970.77	6,918.97	6,892.12	6,838.07	6,774.24
US-chartered depository institutions	6,156.43	6,108.51	6,096.5	6,051.45	6,021.23	5,979.66	5,971.09	5,963.1	5,943.81	5,911.43	5,893.53	5,852.81	5,806.59
Foreign banking offices in the US	120.09	119.89	117.17	115.02	115.86	112.53	114.33	114.7	116.28	113.35	111.91	111.71	113.62
Banks in US-affiliated areas	23.59	23.4	24.18	23.91	23.6	23.34	23.61	23.21	22.89	22.81	22.61	21.97	21.68
Credit unions	1,025.3	1,004.09	990.72	975.62	954.38	932.9	920.56	903.3	887.79	871.38	864.07	851.59	832.36
Property-casualty insurers	33.57	33.28	33.04	33.17	32.98	32.06	32.44	33.05	33.02	33.17	32.94	31.83	31.72
Life insurers	966.94	957.61	955.08	934.86	920.74	899.77	891.77	876.98	851.01	837.25	824.64	816.31	803.97
Private pension funds	21.43	21.68	23.23	23.96	25.46	25.7	26.4	26.16	25.91	25.66	25.41	23.74	22.07
State and local government pension funds	5.19	5.19	4.98	5.25	5.34	5.17	5.24	4.52	4.42	4.33	4.91	5.73	5.78
Government-sponsored enterprises5	7,726.5	7,682.66	7,668.14	7,622.38	7,575.47	7,559.22	7,553.45	7,501.86	7,456.72	7,430.99	7,427.66	7,400.77	7,356.21
Fannie Mae	4,100.11	4,093.38	4,095.87	4,098.62	4,095.02	4,100.17	4,110.2	4,106.76	4,098.3	4,097.33	4,102.63	4,100.28	4,084.54
Freddie Mac	3,317.09	3,285.68	3,272.31	3,230.83	3,193.75	3,179.77	3,166.88	3,125.58	3,094.56	3,075.32	3,069.14	3,049.42	3,025.32
Farm Credit System	210.29	208.02	206.86	202.58	200.12	196.37	195.52	191.36	188.7	185.76	184.85	182.07	179.54
Federal Home Loan Banks	83.11	80.72	79.23	77.16	74.35	71.26	69.68	67.49	65.12	62.74	61.42	59.86	57.68
Farmer Mac	15.9	14.86	13.88	13.19	12.24	11.64	11.19	10.67	10.04	9.84	9.62	9.13	9.13
Agency- and GSE-backed mortgage pools4	3,281.93	3,231.35	3,209.88	3,172.71	3,127.05	3,077.97	3,044.59	2,994.37	2,950.77	2,906.2	2,870.68	2,820.88	2,765
Ginnie Mae pools	2,967.51	2,908.06	2,879.1	2,833.5	2,780.39	2,730.18	2,696.02	2,642.6	2,597.42	2,553.15	2,518.43	2,472.84	2,418.18
Freddie Mac pools	307.63	316.49	324.18	332.64	339.98	341.26	342.16	345.48	347.07	346.78	345.98	341.79	340.52
Fannie Mae pools	4.06	4.09	4.13	4.16	4.2	4.24	4.27	4.31	4.34	4.38	4.42	4.46	4.5
Farmer Mac pools	2.74	2.71	2.47	2.4	2.48	2.29	2.14	1.99	1.93	1.89	1.86	1.79	1.81
Issuers of asset-backed securities	1,175.36	1,136.68	1,100.01	1,083.66	1,041.06	1,018.54	993.61	973.77	945.72	944.67	924.8	924.41	912.56
Finance companies	316.2	317.46	318.93	322.37	320.19	322.35	324.35	325.58	327.97	328.27	331.63	332.34	336.37
Mortgage REITs	306.37	309.67	305	290.48	285.45	278.37	275.2	278.93	279.36	279.77	282.01	280.31	285.06
MORTGAGE PERFORMANCE BY STATE (delinquency, forbearance, foreclosure)5
Seriously delinquent (90+ days past due or in foreclosure), United States4		1	1	0.8	0.8	0.8	0.8	0.7	0.7	0.7	0.6	0.6	0.5
Northeast2		0.9	1	0.8	0.8	0.8	0.8	0.8	0.7	0.7	0.7	0.7	0.7
New England6		0.8	0.8	0.7	0.6	0.6	0.7	0.6	0.6	0.6	0.6	0.6	0.5
Connecticut		1.1	1	0.9	0.8	0.8	0.8	0.7	0.7	0.7	0.7	0.7	0.6
Maine		0.8	0.9	0.8	0.8	0.8	0.9	0.9	0.8	0.7	0.7	0.7	0.7
Massachusetts		0.6	0.6	0.5	0.5	0.5	0.5	0.5	0.4	0.5	0.5	0.5	0.4
New Hampshire		0.6	0.6	0.5	0.5	0.6	0.7	0.5	0.5	0.4	0.4	0.4	0.4
Rhode Island		1.3	0.9	0.8	0.7	0.8	0.9	0.8	0.6	0.6	0.5	0.5	0.6
Vermont		0.7	0.7	0.8	0.7	0.7	0.7	0.7	0.7	0.6	0.7	0.7	0.5
Middle Atlantic3		1	1	0.9	0.9	0.9	0.9	0.9	0.8	0.8	0.8	0.7	0.7
New Jersey		1	1	0.8	0.8	0.8	0.9	0.8	0.7	0.7	0.7	0.7	0.7
New York		0.9	1	0.9	0.9	1	1	1	0.9	0.9	0.9	0.8	0.8
Pennsylvania		1	1.1	0.9	0.9	0.9	0.9	0.9	0.8	0.8	0.8	0.7	0.7
Midwest2		0.9	0.9	0.8	0.7	0.8	0.8	0.7	0.6	0.6	0.6	0.6	0.5
East North Central5		0.9	1	0.8	0.8	0.8	0.8	0.8	0.7	0.7	0.6	0.6	0.5
Illinois		1.1	1.2	1	1	1	0.9	0.9	0.8	0.8	0.7	0.7	0.7
Indiana		1	1.1	0.9	0.9	0.9	1	0.8	0.7	0.7	0.7	0.7	0.6
Michigan		0.9	0.9	0.8	0.7	0.7	0.8	0.7	0.6	0.5	0.5	0.5	0.4
Ohio		1.1	1.1	1	0.8	0.8	0.9	0.8	0.7	0.7	0.7	0.6	0.6
Wisconsin		0.5	0.5	0.4	0.4	0.4	0.5	0.4	0.4	0.4	0.4	0.4	0.3
West North Central7		0.8	0.8	0.7	0.6	0.7	0.7	0.6	0.5	0.6	0.5	0.5	0.4
Iowa		0.9	0.9	0.9	0.7	0.7	0.8	0.7	0.6	0.6	0.7	0.6	0.6
Kansas		0.8	0.8	0.8	0.7	0.7	0.7	0.7	0.6	0.6	0.6	0.5	0.4
Minnesota		0.7	0.6	0.6	0.6	0.5	0.6	0.5	0.5	0.5	0.4	0.4	0.4
Missouri		0.9	0.9	0.7	0.7	0.8	0.7	0.7	0.5	0.6	0.6	0.5	0.5
Nebraska		0.8	0.7	0.6	0.5	0.6	0.5	0.5	0.5	0.6	0.5	0.3	0.3
North Dakota		0.7	0.7	0.7	0.8	0.7	0.8	0.7	0.6	0.5	0.5	0.5	0.4
South Dakota		0.7	0.6	0.6	0.5	0.7	0.7	0.7	0.5	0.5	0.5	0.4	0.4
South3		1.2	1.2	1	0.9	1	0.9	0.9	0.8	0.8	0.8	0.7	0.6
South Atlantic9		1.2	1.2	1	0.9	0.9	0.8	0.8	0.7	0.8	0.7	0.6	0.5
Delaware		1.2	1.2	1	1	1.1	1.1	1	0.9	0.9	0.9	0.7	0.8
Florida		1.3	1.3	1.1	1	1	0.7	0.9	0.8	0.8	0.7	0.6	0.6
Georgia		1.5	1.4	1.2	1	1.1	1	0.9	0.9	0.8	0.8	0.7	0.6
Maryland		1.3	1.2	1	0.9	1	1.1	0.9	0.8	0.9	0.9	0.7	0.7
North Carolina		0.9	0.9	0.8	0.8	0.7	0.8	0.7	0.6	0.6	0.6	0.5	0.4
South Carolina		1.2	1.3	1.1	1	1	0.9	0.9	0.9	0.9	0.8	0.7	0.5
Virginia		0.9	0.8	0.7	0.6	0.7	0.7	0.6	0.6	0.5	0.5	0.4	0.4
Washington, D.C.		1.2	1	1.1	1.1	1.2	1.2	1.2	1.2	1.2	1.1	0.7	0.6
West Virginia		1	1.2	1.1	1	1.1	1.1	0.9	0.8	0.8	1.1	0.9	0.9
East South Central4		1.1	1.1	1	0.9	0.9	1	0.9	0.8	0.8	0.8	0.7	0.6
Alabama		1.1	1.2	1	0.9	0.9	0.9	0.9	0.8	0.8	0.8	0.7	0.6
Kentucky		1	1.1	0.9	0.8	1	1	1	0.8	0.8	0.9	0.8	0.7
Mississippi		1.8	1.8	1.4	1.3	1.5	1.6	1.3	1.2	1.2	1.3	1.1	1
Tennessee		1	1	0.8	0.7	0.8	0.8	0.7	0.6	0.6	0.6	0.5	0.5
West South Central4		1.3	1.4	1.1	1	1.1	1.1	0.9	0.9	0.9	0.9	0.7	0.6
Arkansas		1.2	1.4	1	0.9	1	1	0.9	0.9	0.9	0.9	0.8	0.7
Louisiana		2	2.2	1.8	1.7	1.8	1.7	1.6	1.4	1.4	1.3	1.1	0.9
Oklahoma		1.2	1.2	1.1	0.9	1	1.1	1	1	0.9	0.9	0.9	0.8
Texas		1.3	1.3	1	1	1	1	0.8	0.8	0.7	0.8	0.6	0.6
West2		0.7	0.7	0.6	0.6	0.5	0.5	0.5	0.4	0.4	0.4	0.3	0.3
Mountain8		0.9	0.8	0.7	0.6	0.7	0.6	0.6	0.5	0.5	0.5	0.4	0.4
Arizona		1	0.9	0.7	0.6	0.7	0.6	0.5	0.4	0.4	0.5	0.3	0.3
Colorado		0.7	0.7	0.7	0.6	0.7	0.6	0.5	0.4	0.4	0.4	0.4	0.4
Idaho		0.7	0.7	0.5	0.5	0.5	0.5	0.5	0.4	0.3	0.4	0.4	0.3
Montana		0.7	0.6	0.7	0.6	0.5	0.6	0.6	0.5	0.4	0.3	0.3	0.4
Nevada		0.8	0.9	0.7	0.8	0.7	0.7	0.6	0.6	0.5	0.6	0.4	0.4
New Mexico		1.1	1.1	1	0.8	0.8	0.8	0.9	0.7	0.7	0.8	0.6	0.6
Utah		0.9	0.7	0.6	0.6	0.7	0.6	0.6	0.5	0.4	0.4	0.3	0.3
Wyoming		0.9	0.8	0.6	0.6	0.5	0.9	0.7	0.7	0.7	0.5	0.5	0.5
Pacific5		0.6	0.6	0.5	0.5	0.5	0.5	0.5	0.4	0.4	0.4	0.3	0.3
Alaska		0.8	0.8	0.6	0.6	0.6	0.6	0.6	0.5	0.6	0.6	0.6	0.5
California		0.6	0.6	0.5	0.5	0.5	0.5	0.5	0.4	0.4	0.4	0.3	0.3
Hawaii		0.6	0.8	0.8	0.7	0.7	0.7	0.8	0.6	0.7	0.7	0.6	0.6
Oregon		0.6	0.6	0.5	0.5	0.5	0.5	0.5	0.4	0.5	0.4	0.3	0.3
Washington		0.6	0.6	0.5	0.5	0.5	0.5	0.4	0.4	0.4	0.4	0.3	0.3
Delinquent 30 to 89 days, United States4		1.7	2.2	1.7	1.6	1.9	2	1.6	1.5	1.6	1.8	1.4	1.3
Northeast2		1.6	2.1	1.6	1.5	1.9	2	1.5	1.4	1.6	1.8	1.5	1.3
New England6		1.4	1.9	1.4	1.3	1.7	1.7	1.3	1.1	1.4	1.6	1.3	1.1
Connecticut		1.7	2.3	1.8	1.7	2.1	2	1.7	1.5	1.9	2	1.5	1.4
Maine		1.5	2	1.3	1.4	1.9	2	1.5	1.3	1.2	1.8	1.5	1.3
Massachusetts		1.3	1.6	1.2	1.1	1.5	1.6	1.1	0.9	1.3	1.5	1	0.9
New Hampshire		1.2	1.6	1.3	1.2	1.2	1.3	1.2	1.1	1.3	1.3	1.2	1
Rhode Island		2	2.4	2	1.8	2.1	2.3	1.7	1.4	1.6	1.9	1.8	1.4
Vermont		1.1	1.4	0.9	0.9	1.3	1.6	1.2	0.9	1	1	0.7	0.8
Middle Atlantic3		1.7	2.2	1.7	1.6	2	2.1	1.6	1.5	1.7	1.9	1.5	1.3
New Jersey		1.5	2	1.6	1.4	1.9	1.9	1.5	1.4	1.7	1.8	1.5	1.3
New York		1.5	2	1.5	1.4	1.8	1.9	1.4	1.3	1.5	1.7	1.4	1.1
Pennsylvania		1.9	2.5	1.9	1.9	2.3	2.5	2	1.8	2	2.2	1.8	1.6
Midwest2		1.6	2.1	1.6	1.6	1.9	2	1.6	1.4	1.6	1.7	1.4	1.3
East North Central5		1.7	2.3	1.7	1.6	2	2.1	1.7	1.5	1.6	1.8	1.5	1.3
Illinois		1.8	2.2	1.8	1.6	2	1.9	1.8	1.6	1.6	1.6	1.5	1.3
Indiana		1.9	2.7	2	2	2.2	2.6	1.9	1.7	1.9	2.2	1.8	1.5
Michigan		1.8	2.4	1.7	1.7	2	2.2	1.7	1.4	1.5	1.9	1.5	1.4
Ohio		1.7	2.4	1.8	1.7	2.1	2.3	1.7	1.6	1.7	2	1.6	1.4
Wisconsin		1.1	1.3	1.1	1.1	1.2	1.3	1.1	1	1.1	1.2	1	0.9
West North Central7		1.4	1.9	1.4	1.4	1.7	1.8	1.4	1.4	1.5	1.6	1.3	1.2
Iowa		1.3	1.9	1.5	1.5	1.7	1.9	1.3	1.3	1.5	1.7	1.5	1.1
Kansas		1.5	2	1.6	1.6	1.9	1.9	1.5	1.4	1.6	1.8	1.5	1.3
Minnesota		1.2	1.6	1.2	1.1	1.4	1.5	1.2	1.1	1.3	1.3	1	1
Missouri		1.8	2.3	1.7	1.7	2.1	2.2	1.8	1.7	1.8	1.9	1.7	1.5
Nebraska		1.2	1.4	1.4	1.4	1.5	1.5	1.3	1.1	1.1	1.4	1.1	1.2
North Dakota		1.3	1.4	1	1.1	1.2	1.4	1.1	1	0.9	1.2	1	0.7
South Dakota		1.5	2	1.2	1.2	1.4	1.5	1.2	1.5	1.4	1.2	1.1	1.1
South3		2	2.7	2.1	1.9	2.3	2.3	1.9	1.8	2	2.3	1.7	1.5
South Atlantic9		1.9	2.5	1.9	1.7	2.1	1.9	1.8	1.6	1.9	2	1.5	1.4
Delaware		2.2	2.6	2.2	1.9	2.5	2.5	1.9	1.6	1.9	2	1.9	1.6
Florida		1.9	2.4	1.8	1.6	2	1.5	1.7	1.5	1.8	1.7	1.4	1.2
Georgia		2.2	2.9	2.3	2.1	2.4	2.4	2.1	2	2.2	2.4	1.9	1.6
Maryland		1.9	2.4	1.9	1.8	2.2	2.4	1.9	1.7	1.9	2.1	1.7	1.5
North Carolina		1.9	2.4	1.7	1.6	2	1.9	1.7	1.5	1.8	2.1	1.4	1.3
South Carolina		2.3	3	2.3	2.2	2.4	2.1	2.2	2.1	2.3	2.5	1.9	1.7
Virginia		1.4	1.8	1.4	1.3	1.6	1.7	1.4	1.3	1.4	1.6	1.2	1.1
Washington, D.C.		1	1.4	1.4	1	1.4	1.5	1.1	1	1.1	1	0.8	0.8
West Virginia		2.6	3.6	3	2.7	3.1	3.4	2.5	2.6	2.6	3.1	2.2	2.2
East South Central4		2.1	2.8	2.2	2.1	2.5	2.7	2.1	2	2.1	2.4	1.8	1.7
Alabama		2.5	3.2	2.4	2.3	2.8	2.9	2.2	2.3	2.4	2.7	2.1	1.9
Kentucky		1.9	2.2	1.8	1.5	2.1	2.2	1.6	1.6	1.8	2	1.5	1.3
Mississippi		3.2	4.5	3.7	3.5	3.9	4.2	3.5	3.4	3.6	4	3.1	2.6
Tennessee		1.6	2.4	1.8	1.9	2	2.2	1.8	1.7	1.5	2	1.5	1.4
West South Central4		2.3	3	2.4	2.2	2.6	2.9	2	2.1	2.4	2.7	2.1	1.9
Arkansas		2.2	2.7	2.2	2	2.4	2.6	2	2	2.2	2.5	2	1.7
Louisiana		3.1	4.2	3.6	3.3	3.7	4.1	3.4	3.3	3.4	3.6	2.7	2.5
Oklahoma		2	2.7	2.2	1.8	2.3	2.5	1.8	1.7	2	2.2	1.7	1.6
Texas		2.2	3	2.3	2.1	2.6	2.8	1.9	2	2.3	2.6	2	1.8
West2		1.2	1.5	1.1	1	1.3	1.4	1	1	1.1	1.2	0.9	0.8
Mountain8		1.4	1.8	1.4	1.3	1.6	1.6	1.3	1.2	1.3	1.4	1.1	1
Arizona		1.6	2.1	1.5	1.4	1.7	1.8	1.4	1.2	1.4	1.5	1.2	1
Colorado		1.1	1.4	1.2	1	1.3	1.4	1.1	0.9	1.1	1.1	1	0.9
Idaho		1.2	1.5	1.3	1.2	1.3	1.4	1	1.1	1.2	1.5	1.1	1.1
Montana		1.2	1.6	1.3	1.3	1.3	1.2	1.1	1.1	1.3	1.2	0.8	0.8
Nevada		1.4	1.7	1.4	1.3	1.6	1.7	1.2	1.3	1.4	1.5	1	0.9
New Mexico		1.8	2.4	1.9	1.8	2.1	2.3	1.8	1.8	1.9	2.2	1.6	1.4
Utah		1.2	1.6	1.2	1.1	1.4	1.4	1.2	1.1	1.1	1.3	1.1	0.9
Wyoming		1.5	2.2	2.1	1.9	2.2	2.2	1.9	1.7	1.6	2.1	1.5	1.5
Pacific5		1	1.3	1	0.9	1.2	1.3	0.9	0.9	1	1.1	0.8	0.7
Alaska		1.7	1.7	1.2	1.2	1.5	1.3	1.5	1.2	1.3	1.6	1.2	1.1
California		1.1	1.4	1	0.9	1.2	1.3	1	0.9	1	1.1	0.9	0.7
Hawaii		0.9	1	0.7	0.8	1	1.2	0.6	0.8	0.9	1	0.9	0.6
Oregon		1	1.2	0.9	0.9	1.1	1.1	0.8	0.8	0.9	1	0.8	0.7
Washington		0.9	1.1	0.9	0.9	1.1	1.1	0.8	0.7	0.9	1	0.8	0.6
In forbearance, United States4		0.4	0.4	0.4	0.5	0.4	0.6	0.7	0.6	0.5	0.4	0.5	0.6
Northeast2		0.3	0.3	0.3	0.6	0.3	0.4	0.5	0.4	0.4	0.3	0.4	0.5
New England6		0.3	0.3	0.3	0.3	0.3	0.4	0.8	0.6	0.6	0.3	0.4	0.3
Connecticut		0.4	0.4	0.3	0.4	0.4	0.8	2.1	0.4	0.4	0.4	0.4	0.4
Maine		0.2	0.3	0.2	0.2	0.2	0.2	0.2	0.4	1.6	0.2	0.3	0.3
Massachusetts		0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.8	0.3	0.3	0.3	0.3
New Hampshire		0.3	0.3	0.2	0.2	0.2	0.2	0.3	0.2	0.3	0.3	0.3	0.4
Rhode Island		0.3	0.4	0.3	0.4	0.3	0.2	0.3	0.7	3.2	0.3	0.3	0.4
Vermont		0.3	0.1	0.3	0.2	0.2	0.4	0.8	0.2	0.2	0.5	1.1	0.3
Middle Atlantic3		0.3	0.3	0.3	0.7	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.5
New Jersey		0.4	0.4	0.3	0.4	0.4	0.4	0.3	0.4	0.4	0.4	0.4	0.5
New York		0.3	0.3	0.3	1.2	0.3	0.4	0.3	0.3	0.3	0.3	0.4	0.5
Pennsylvania		0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.6
Midwest2		0.3	0.3	0.3	0.4	0.3	0.4	0.7	0.5	0.8	0.5	0.7	0.4
East North Central5		0.3	0.3	0.3	0.3	0.3	0.4	0.8	0.5	1	0.6	0.9	0.4
Illinois		0.4	0.4	0.3	0.3	0.4	0.8	2.3	0.4	0.6	1.5	2.7	0.4
Indiana		0.4	0.3	0.2	0.3	0.3	0.3	0.2	0.2	0.2	0.3	0.3	0.9
Michigan		0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.7	3.5	0.2	0.2	0.2
Ohio		0.3	0.3	0.2	0.3	0.3	0.3	0.3	0.8	0.2	0.3	0.3	0.3
Wisconsin		0.3	0.3	0.7	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
West North Central7		0.3	0.3	0.4	0.6	0.2	0.3	0.4	0.4	0.3	0.3	0.3	0.3
Iowa		0.2	0.3	0.2	0.2	0.2	0.3	0.6	1.1	0.2	0.3	0.3	0.3
Kansas		0.3	0.3	0.3	0.3	0.3	0.2	0.3	0.3	0.2	0.3	0.3	0.3
Minnesota		0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.3	0.3	0.3	0.3	0.3
Missouri		0.3	0.4	0.7	1.4	0.3	0.4	0.3	0.3	0.3	0.3	0.3	0.4
Nebraska		0.3	0.4	0.2	0.2	0.2	0.3	0.4	0.5	0.2	0.2	0.3	0.2
North Dakota		0.1	0.2	0.2	0.1	0.2	0.2	0.1	0.1	0.2	0.2	0.3	0.2
South Dakota		0.3	0.2	0.2	0.2	0.2	0.2	0.4	0.1	0.2	0.2	0.2	0.2
South3		0.6	0.5	0.5	0.6	0.6	1	1.1	0.9	0.4	0.5	0.6	0.6
South Atlantic9		0.6	0.5	0.4	0.4	0.6	1.3	1.3	0.4	0.3	0.4	0.7	0.6
Delaware		0.4	0.5	0.3	0.3	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3
Florida		0.5	0.5	0.4	0.5	0.6	2.2	1.9	0.4	0.4	0.7	1.5	0.9
Georgia		0.7	0.7	0.5	0.5	0.9	1.4	1.3	0.4	0.4	0.5	0.6	0.5
Maryland		0.7	1	0.4	0.4	0.4	0.4	0.4	0.3	0.3	0.4	0.4	0.5
North Carolina		0.5	0.4	0.3	0.4	0.7	1.1	1.5	0.3	0.3	0.3	0.3	0.3
South Carolina		0.5	0.4	0.3	0.5	0.8	1.8	2.1	0.3	0.3	0.3	0.4	0.4
Virginia		0.4	0.5	0.2	0.3	0.3	0.4	0.2	0.2	0.2	0.2	0.2	0.3
Washington, D.C.		0.5	0.9	0.2	0.3	0.4	0.3	0.4	0.3	0.3	0.2	0.4	0.4
West Virginia		0.7	0.6	0.5	0.3	0.8	0.4	0.7	1.6	0.3	0.2	0.2	0.3
East South Central4		1.1	0.4	0.5	0.8	0.4	0.4	0.5	0.9	0.5	0.6	0.4	0.6
Alabama		0.4	0.5	0.3	0.3	0.3	0.3	0.6	0.3	0.3	0.3	0.4	0.5
Kentucky		0.4	0.3	0.7	1	1	0.4	0.6	2.6	0.3	0.3	0.4	0.5
Mississippi		2.8	0.6	0.5	0.6	0.5	0.4	0.6	0.8	0.4	0.5	0.7	0.6
Tennessee		1.4	0.3	0.4	1	0.2	0.3	0.4	0.3	0.9	1	0.4	0.8
West South Central4		0.6	0.6	0.7	0.9	0.5	0.6	1.2	2	0.4	0.5	0.5	0.7
Arkansas		0.4	0.5	1	1.7	0.3	0.3	0.5	0.9	0.3	0.3	0.4	1.1
Louisiana		0.9	0.8	0.6	0.6	0.6	1	1.2	0.6	0.6	0.6	0.6	0.8
Oklahoma		0.4	0.5	0.8	3	0.4	0.4	0.8	0.8	0.3	0.3	0.5	0.6
Texas		0.6	0.6	0.7	0.6	0.5	0.6	1.3	2.4	0.5	0.5	0.5	0.6
West2		0.3	0.3	0.4	0.3	0.4	0.3	0.4	0.3	0.4	0.2	0.3	0.7
Mountain8		0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.3	0.3
Arizona		0.3	0.3	0.2	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.3	0.4
Colorado		0.3	0.3	0.2	0.3	0.3	0.3	0.4	0.2	0.2	0.2	0.3	0.3
Idaho		0.2	0.2	0.2	0.1	0.1	0.2	0.1	0.1	0.1	0.2	0.2	0.1
Montana		0.2	0.2	0.1	0.1	0.2	0.2	0.1	0.2	0.1	0.1	0.2	0.3
Nevada		0.4	0.4	0.5	0.4	0.4	0.5	0.4	0.3	0.3	0.3	0.4	0.5
New Mexico		0.3	0.4	0.4	0.3	0.3	0.4	0.4	0.4	0.3	0.3	0.3	0.3
Utah		0.3	0.3	0.2	0.3	0.3	0.2	0.2	0.2	0.2	0.3	0.3	0.3
Wyoming		0.3	0.3	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.4	0.3
Pacific5		0.3	0.3	0.5	0.3	0.5	0.3	0.4	0.3	0.5	0.2	0.3	0.9
Alaska		0.5	0.5	0.3	0.4	0.3	0.5	0.4	0.5	0.5	0.4	0.5	0.5
California		0.3	0.3	0.6	0.3	0.6	0.4	0.5	0.3	0.6	0.2	0.3	1.2
Hawaii		0.2	0.4	1	0.2	0.3	0.2	0.3	0.3	0.4	0.5	1.1	0.3
Oregon		0.3	0.2	0.3	0.2	0.2	0.2	0.4	0.2	0.2	0.2	0.3	0.3
Washington		0.3	0.7	0.2	0.2	0.2	0.2	0.2	0.3	0.5	0.2	0.2	0.4
In foreclosure, United States4		0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Northeast2		0.2	0.2	0.1	0.1	0.2	0.2	0.1	0.2	0.1	0.1	0.1	0.1
New England6		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Connecticut		0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.1
Maine		0.2	0.1	0.1	0.1	0.2	0.1	0.2	0.2	0.2	0.2	0.2	0.2
Massachusetts		0.1	0	0	0.1	0.1	0.1	0.1	0.1	0.1	0	0	0.1
New Hampshire		0.1	0	0.1	0	0	0	0	0.1	0.1	0.1	0	0
Rhode Island		0.1	0	0	0	0.1	0.1	0.1	0	0	0	0	0
Vermont		0.3	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.2	0.1	0.2	0.2
Middle Atlantic3		0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
New Jersey		0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
New York		0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Pennsylvania		0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Midwest2		0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
East North Central5		0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Illinois		0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Indiana		0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Michigan		0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Ohio		0.3	0.2	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Wisconsin		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
West North Central7		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Iowa		0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Kansas		0.2	0.2	0.2	0.2	0.1	0.2	0.2	0.2	0.2	0.1	0.1	0.1
Minnesota		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Missouri		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.1	0.2	0.2
Nebraska		0.1	0.1	0.1	0	0.1	0	0.1	0	0	0	0	0
North Dakota		0.2	0.2	0.2	0.1	0.1	0	0	0	0.1	0.1	0.1	0.1
South Dakota		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0	0.1	0.1	0.1
South3		0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1
South Atlantic9		0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Delaware		0.3	0.1	0.2	0.1	0.2	0.1	0.2	0.1	0.1	0.1	0.2	0.2
Florida		0.3	0.1	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1
Georgia		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Maryland		0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
North Carolina		0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
South Carolina		0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Virginia		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Washington, D.C.		0.3	0.2	0.2	0.3	0.2	0.3	0.2	0.2	0.2	0.2	0.2	0.1
West Virginia		0.4	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.3
East South Central4		0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2
Alabama		0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.3
Kentucky		0.4	0.4	0.4	0.4	0.3	0.4	0.3	0.4	0.3	0.3	0.3	0.3
Mississippi		0.4	0.3	0.4	0.4	0.3	0.4	0.4	0.4	0.4	0.3	0.3	0.4
Tennessee		0.2	0.2	0.2	0.2	0.1	0.1	0.2	0.1	0.1	0.1	0.2	0.2
West South Central4		0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Arkansas		0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.3	0.3	0.3	0.3
Louisiana		0.5	0.3	0.4	0.3	0.4	0.4	0.3	0.4	0.3	0.3	0.3	0.3
Oklahoma		0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2
Texas		0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
West2		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0	0	0	0
Mountain8		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Arizona		0.1	0.1	0.1	0.1	0.1	0.1	0	0	0	0	0.1	0
Colorado		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Idaho		0	0	0	0	0	0	0	0	0	0	0	0
Montana		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0	0.1	0.1
Nevada		0.2	0.2	0.1	0.1	0.1	0.1	0.1	0	0.1	0.1	0.1	0.1
New Mexico		0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.2	0.2	0.2
Utah		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0	0.1	0.1	0.1
Wyoming		0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Pacific5		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0	0	0	0
Alaska		0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.1	0.1
California		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0	0	0	0	0
Hawaii		0.3	0.2	0.1	0.2	0.2	0.2	0.1	0.1	0.2	0.2	0.1	0.1
Oregon		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Washington		0.1	0.1	0.1	0	0	0	0	0	0	0	0	0
United States by market segment12
Seriously delinquent (90+ days past due or in foreclosure): Fannie Mae and Freddie Mac loans		0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.2
Seriously delinquent (90+ days past due or in foreclosure): Government-backed loans (FHA, VA, USDA)		2.7	2.6	2.1	1.9	2	1.9	1.7	1.5	1.5	1.5	1.3	1.2
Seriously delinquent (90+ days past due or in foreclosure): Other conventional loans		0.8	0.9	0.8	0.8	0.8	0.9	0.9	0.8	0.8	0.8	0.7	0.6
Delinquent 30 to 89 days: Fannie Mae and Freddie Mac loans		0.8	1	0.6	0.6	0.9	0.9	0.6	0.5	0.7	0.8	0.6	0.5
Delinquent 30 to 89 days: Government-backed loans (FHA, VA, USDA)		4	5.3	4.4	4.1	4.7	4.9	4.2	3.9	4.1	4.5	3.8	3.3
Delinquent 30 to 89 days: Other conventional loans		1.5	2	1.5	1.4	1.8	1.9	1.5	1.4	1.6	1.8	1.3	1.2
In forbearance: Fannie Mae and Freddie Mac loans		0.2	0.2	0.2	0.3	0.2	0.3	0.5	0.4	0.4	0.2	0.4	0.4
In forbearance: Government-backed loans (FHA, VA, USDA)		1.3	1.2	1	1.2	1.1	1.5	1.6	1.3	1	0.8	1	1.1
In forbearance: Other conventional loans		0.3	0.2	0.2	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.4
In foreclosure: Fannie Mae and Freddie Mac loans		0.1	0	0	0	0	0	0	0	0	0	0	0
In foreclosure: Government-backed loans (FHA, VA, USDA)		0.4	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
In foreclosure: Other conventional loans		0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3

Latest reading

Total mortgages outstanding stood at 21,878.38 Billion USD in Q2 2026. That is +1.0% from Q1 2026 and +3.4% from a year earlier. The series on this page is quarterly and runs from Q4 1945 to Q2 2026. Source: Federal Reserve Board - Financial Accounts of the United States (Z.1).

Latest: 21,878.38 Billion USD; Q2 2026
vs previous period: +1.0%; Q1 2026
vs a year earlier: +3.4%

About this data

Ranking by state — Q1 2026

All 50 states ranked by the latest reading, Q1 2026. Highest first.

1Louisiana2 % of loans
2Mississippi1.8 % of loans
3Georgia1.5 % of loans
4Rhode Island1.3 % of loans
5Florida1.3 % of loans
6Maryland1.3 % of loans
7Texas1.3 % of loans
8Delaware1.2 % of loans
9South Carolina1.2 % of loans
10Arkansas1.2 % of loans
11Oklahoma1.2 % of loans
12Connecticut1.1 % of loans
13Illinois1.1 % of loans
14Ohio1.1 % of loans
15Alabama1.1 % of loans
16New Mexico1.1 % of loans
17New Jersey1 % of loans
18Pennsylvania1 % of loans
19Indiana1 % of loans
20West Virginia1 % of loans
21Kentucky1 % of loans
22Tennessee1 % of loans
23Arizona1 % of loans
24New York0.9 % of loans
25Michigan0.9 % of loans
26Iowa0.9 % of loans
27Missouri0.9 % of loans
28North Carolina0.9 % of loans
29Virginia0.9 % of loans
30Utah0.9 % of loans
31Wyoming0.9 % of loans
32Maine0.8 % of loans
33Kansas0.8 % of loans
34Nebraska0.8 % of loans
35Nevada0.8 % of loans
36Alaska0.8 % of loans
37Vermont0.7 % of loans
38Minnesota0.7 % of loans
39North Dakota0.7 % of loans
40South Dakota0.7 % of loans
41Colorado0.7 % of loans
42Idaho0.7 % of loans
43Montana0.7 % of loans
44Massachusetts0.6 % of loans
45New Hampshire0.6 % of loans
46California0.6 % of loans
47Hawaii0.6 % of loans
48Oregon0.6 % of loans
49Washington0.6 % of loans
50Wisconsin0.5 % of loans

Frequently asked questions

What does US mortgage debt outstanding measure?: It measures the stock of mortgage debt owed in the United States, split by property type — one-to-four-family, multifamily, commercial and farm — and by who borrows and who holds the debt.
Who publishes this data and how far back does it go?: The Federal Reserve Board publishes it quarterly in the Financial Accounts of the United States (Z.1), with records back to the fourth quarter of 1945.
What is the difference between mortgage borrowers and mortgage holders?: Borrowers are the sectors that owe the debt, mainly households. Holders are the sectors that own the loans, including banks, agency and GSE-backed pools, and credit unions.
Why does the split between holders matter?: Because it shows how much mortgage credit risk sits on bank balance sheets versus in securitised pools, which determines who absorbs losses when delinquencies rise.