Our Industry

MORTGAGE Career FACTS

• As of 2023, the average loan officer salary is $69,990 per year ($33.65 per hour).

• Employment of loan officers is projected to grow 3% from 2022 to 2032, about as fast as the average for all occupations.

• About 22,900 openings for loan officers are projected each year over the next decade, on average.

• As of 2023, the industry employs about 334,100 people. 

Source: Bureau of Labor Statistics

MORTGAGE FACTS

• The fourth quarter 2024 homeownership rate was highest in the Midwest (71.1 percent) out of any other U.S. region. (Source: U.S. Census Bureau)

• Total mortgage origination volume is expected to increase to $2.3 trillion in 2025 from the $1.79 trillion expected in 2024. (Source: Mortgage Bankers Association)

• The average mortgage balance in America grew to $252,505 in 2024, an $8,000 increase from 2023. (Source: Experian)

• Total U.S. mortgage debt totaled $12.61 trillion during the fourth quarter of 2024. (Source: Federal Reserve Bank of New York)

Last updated: 3/24/25

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