Mortgage Brokers Are Gaining Market Share
Mortgage Brokers’ share of the overall mortgage market in the United States has been steadily rising as consumers become more aware of the advantages they offer. Data from recent years shows significant growth, with mortgage brokers increasing their share from just 14.6% in 2016 to 22.4% by Q3 2022—a total increase of more than 50% in just six years.
While no official data is available yet for 2024, we estimate that mortgage brokers now represent approximately 25% of the market. This estimate is based on the continued upward trend observed in recent years, along with industry sentiment and market dynamics. However, it’s important to note that this figure is an estimate and not based on verified data for 2024.
The Scale of Mortgage Debt in the USA
The U.S. mortgage market is one of the largest financial sectors in the world. As of 2024, total outstanding residential mortgage debt in the United States is estimated to exceed $13 trillion. Using our estimated market share of 22-25%, mortgage brokers could account for approximately:
22% share: $2.86 trillion
25% share: $3.25 trillion
This means that Mortgage Brokers may now manage or facilitate between $2.86 trillion and $3.25 trillion of the total outstanding residential mortgage debt, highlighting their growing importance in the industry.
Comparing the USA to Other Markets
While this growth is substantial, it’s still far behind other global markets. In countries like Australia and the UK, Mortgage Brokers dominate the home lending space. In both markets, brokers facilitate nearly 70% of mortgages, demonstrating how entrenched the broker model is in those regions.
A Promising Future for Mortgage Brokers
The steady rise in the broker channel's market share reflects an industry poised for even greater growth. As more consumers realize the advantages of working with brokers, access to wholesale rates, personalized solutions, and greater transparency, the broker model continues to gain momentum.
Disclaimer: The information provided in this article is for general educational purposes only and should not be construed as financial, legal, or tax advice. Murray Mortgage Solutions is a licensed Mortgage Broker but does not act as a tax advisor or attorney. You should consult with a qualified tax professional or legal expert for guidance specific to your situation. While we strive to present accurate and current information, mortgage rates, guidelines, and program availability are subject to change without notice. We cannot guarantee that we will offer the lowest rate or best terms available in the market. Loan approval is subject to underwriting guidelines, credit approval, and program availability. All scenarios are for illustrative purposes only and may not reflect actual results.