Analysis
What 6,807,732 mortgages from 2025 show about the price of borrowing — beyond the rate everyone quotes.
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HMDA 2025 · fees
The same rate, thousands apart
Lender fees vary fourfold between states and up to sevenfold between lenders in the same city, while interest rates barely move. Most of the gap is bought rate — and it breaks even later than people keep their loans.
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HMDA 2025 · loan types
FHA looks cheaper until you add the insurance
FHA borrowers got lower rates and paid twice as much at closing. The cost that decides the comparison appears in neither number, and on most loans it never goes away.
How these are written
Every figure in these pieces is recomputed from the source data each time the site is built. Nothing is typed into the prose by hand, so an analysis cannot quietly go stale when next year’s filings land — and it cannot disagree with the calculators elsewhere on the site, because it uses the same code to do the arithmetic.
The underlying records are public. Anyone can reproduce any number here, and the methodology states the thresholds, the sanitation rules and what the data cannot tell you.