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Ben Stiller
Aug 15th, 2025
Mortgage Process
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A Quick Look Back

Mortgages haven’t always looked like the long-term, predictable loans we have today. In the 1800s and early 1900s, most loans were short, often just five years, and ended with large balloon payments. That structure left many families vulnerable, and homeownership was anything but secure.

The Great Depression brought the system to its knees, and sweeping reforms followed. The government then introduced long-term, fully amortizing loans, while the FHA, Fannie Mae, and later Freddie Mac expanded access and stability. By the mid-20th century, the 15- and 30-year mortgage had become the standard, giving borrowers the chance to build equity over time.

Of course, the housing market has had its ups and downs since then, from the 2008 financial crisis to today’s higher-rate environment. But the mortgage, as we know it, remains central to American homeownership.

So, How Many Are There?

According to federal data, there are about 50.8 million active first-lien residential mortgages in the U.S., in other words, the primary loans most people carry on their homes. Nearly 60% of these loans have rates under 4%, which explains why many homeowners feel “locked in” and aren’t eager to refinance at today’s higher rates (Consumer Financial Protection Bureau).

When you add in second mortgages and home equity lines of credit, the total number of mortgage contracts likely climbs into the 70 to 85 million range. That’s tens of millions of households tied into the mortgage system every month.

Mortgages have come a long way from risky, short-term deals to the long-term, stable structures we rely on today. Together, U.S. homeowners now carry nearly $13 trillion in mortgage balances, with even more tied up in commercial and multifamily lending.

So the next time someone asks, “How many mortgages are in the U.S.?” you’ll have the answer: around 50 to 55 million first mortgages, and many more when you count second liens and equity loans. Most of them are locked in at lower rates, which in turn shapes not just individual financial decisions but the housing market as a whole.

Proborrower connects would-be borrowers with mortgage lenders on their own terms, in a convenient web portal, streamlining the application and lending process.

Sources: CFPB, FHFA

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