How satisfied are American homeowners with their mortgage experience, and where does the process fall short? MyFinancialPrograms surveyed homeowners across all 50 states, covering lender selection, rate outcomes, regional differences, and refinance behavior. The findings below are drawn from purchase and refinance borrowers segmented by age group, home value tier, and region.
Updated: March 16, 2026
This page serves as the primary data reference for the survey. All statistics are available for citation with attribution. See the How to Cite section at the bottom of this page.
Key Findings
The following statistics represent the most-cited findings from the survey. Each is covered in detail in the sections below.
- American homeowners rate their overall mortgage experience 7.3 out of 10.
- 1 in 5 buyers (20.9%) say shopping more lenders is the #1 thing they’d do differently, the top purchase regret in the survey.
- Only 55% of buyers applied to more than one lender before choosing.
- 34.3% of homebuyers ended up with a mortgage rate higher than they expected.
- Nearly 1 in 5 buyers (19.8%) regret their loan type choice.
- Mortgage rate (19.2%) and process speed (18.8%) are nearly tied as the top lender selection factors.
- The Midwest scores lowest on satisfaction (7.21/10) and fee transparency (3.71/5) of all four U.S. regions.
- Northeast and West homeowners are nearly twice as likely to consider cash-out options as Midwest homeowners.
- Buyers aged 35–44 have the lowest lender recommendation rate of any age group (60.4%), in every region.
- 46% of homeowners aged 55+ say they have no interest in refinancing even if mortgage rates drop.
- Shortening the loan term (21.1%) is nearly tied with getting a lower rate (21.3%) as the top refinance motivation nationally.
Lender Selection Statistics
When homebuyers were asked what factor most influenced their choice of lender, no single factor dominated. Rate leads but by a narrow margin, and the closeness of the top factors has significant implications for how lenders compete for business.
Top factors in lender selection (purchase borrowers)
- Lowest rate: 19.2%
- Fastest process / speed: 18.8%
- Lowest fees: 16.3%
- Realtor recommendation: 15.9%
- Brand trust: 14.4%
- Other: 15.4%
Rate and speed are separated by just 0.4 percentage points, statistically indistinguishable. Realtor recommendation (15.9%) and lowest fees (16.3%) are equally close, together accounting for nearly a third of all lender selections.
MFP Tip: When evaluating lenders, ask about their average time to clear-to-close alongside their rate. In competitive offer situations, a faster lender can be the difference between winning and losing the home.
Mortgage Rate Negotiation Statistics
Just over half of homebuyers negotiate their mortgage rate, leaving a large share of borrowers who accepted the first number offered.
- 52.1% of purchase borrowers negotiated their mortgage rate.
- 55.0% of buyers applied to more than one lender before choosing.
- The average buyer compared 2.68 lenders before making a decision.
- 34.3% of buyers ended up with a final mortgage rate higher than they expected going into the process.
The rate outcome gap is most pronounced among younger buyers. Among 18–34 year olds, 60.2% ended up with a higher rate than expected, more than double the 28.3% rate for buyers aged 45–54. Notably, 18–34 buyers compared more lenders on average (3.07) than any other age group, suggesting the issue is not the amount of shopping but the effectiveness of the comparison process.
MFP Tip: Request loan estimates from at least three lenders within the same 48-hour window. Rates shift daily, so comparing quotes from different days is not an accurate comparison. Look at the APR, not just the interest rate, and compare closing costs line by line.
Homebuyer Regret Statistics
According to Homebuyer Regrets Statistics, purchasers identified five clear areas of dissatisfaction when asked what they would do differently. While shopping more lenders tops the list, the other four are nearly as common, pointing to a broad guidance gap across the origination process.
What homebuyers say they would change (purchase borrowers)
- Would have shopped more lenders: 20.9%
- Would have chosen a different loan type: 19.8%
- Would have locked their rate sooner: 17.8%
- Would have put more money down: 17.2%
Overall, 13.5% of purchase borrowers express regret about their mortgage experience. Regret is not evenly distributed across price tiers, buyers in the $300,000–$600,000 range carry the highest regret rate at 15.8%, compared to 14.1% for buyers under $300,000 and 10.7% for buyers above $600,000.
Mid-market buyers in the $300k–$600k range are typically active researchers who compare lenders and ask questions, yet consistently walk away least satisfied. This price tier sits between first-time buyer programs (which offer dedicated guidance) and high-value transactions (which attract more attentive lender service), creating a gap in the borrower experience.
Regional Mortgage Satisfaction Statistics
Mortgage satisfaction and fee transparency vary meaningfully across U.S. regions. The Midwest and South trail the Northeast and West on both measures consistently.
Overall mortgage satisfaction by region (out of 10)
- Northeast: 7.50
- West: 7.46
- Midwest: 7.21
- South: 7.19
Fee transparency score by region (out of 5)
- West: 3.97
- Northeast: 3.92
- South: 3.73
- Midwest: 3.71
No region scores above 4.0 on fee transparency, meaning no segment of U.S. homebuyers rates their lender’s cost communication as genuinely strong. The Midwest gap versus the West (3.71 vs. 3.97) is consistent across all home value tiers.
Young buyers feel the time pressure of the mortgage process most in the West and Northeast. Among 18–34 year olds, the average “felt rushed” score during the mortgage process is 3.48/5 in the West and 3.43/5 in the Northeast, the highest of any region for that age group. The national average for 18–34 buyers is 3.35 out of 5, compared to 2.64 for buyers aged 55+.
Home Equity and Cash-Out Statistics
Home Equity statistics reveal a sharp regional divide in how homeowners approach their equity; coastal homeowners are significantly more likely to consider cash-out options than those in the Midwest and South, both during purchase and when refinancing.
Cash-out consideration at purchase by region
- West: 30.2%
- Northeast: 29.1%
- South: 19.1%
- Midwest: 17.6%
Cash-out as primary refinance motivation by region
- West: 22.5%
- Northeast: 21.8%
- South: 14.3%
- Midwest: 13.1%
Northeast and West homeowners are roughly 70% more likely to consider cash-out options than Midwest homeowners. This gap reflects both higher median home values in coastal markets and a behavioral difference in how homeowners think about equity, as a financial tool versus simply a measure of ownership stake.
MFP Tip: Home equity can be accessed through a cash-out refinance, a home equity loan, or a home equity line of credit (HELOC). Each option has different rate structures and repayment terms. Use a rate comparison tool to see current options before deciding which product fits your situation.
Mortgage Satisfaction by Age Group
Mortgage satisfaction and lender recommendation rates vary across age groups, with one consistent finding that cuts across all four regions: buyers aged 35–44 are the least likely to recommend their lender.
Would recommend their lender by age group
- 18–34: 73.0%
- 45–54: 70.7%
- 55+: 67.8%
- 35–44: 60.4%
The 35–44 cohort’s 60.4% recommendation rate sits 12.6 percentage points below the 18–34 group, a gap that holds across every region in the survey. This age group typically carries the highest average loan balances and the strongest repeat transaction potential of any segment, making their consistent dissatisfaction a meaningful business issue for lenders.
Loan estimate confidence increases steadily with age. Buyers aged 18–34 average 3.45/5 on confidence in their loan estimate, compared to 4.22/5 for buyers aged 55+. This growing confidence with experience partly explains why older buyers negotiate more effectively and end up with fewer rate surprises.
Refinance Behavior Statistics
While refinance statistics indicate that motivations for the decision are more evenly distributed than conventional wisdom suggests, the oldest borrowers remain the least responsive to rate-driven refi marketing.
Primary refinance motivations (all refinance borrowers)
- Lower rate: 21.3%
- Shorten loan term: 21.1%
- Cash-out equity: 17.8%
- Debt consolidation: 16.4%
Shortening the loan term (21.1%) is nearly identical to getting a lower rate (21.3%) as the top refinance motivation. This near-tie challenges the assumption that rate reduction is the primary driver of refinance activity.
The generational split is sharp. Among borrowers aged 55+, 33.5% are primarily motivated by term shortening, more than double the rate for 18–34 borrowers (12.8%). Yet 46% of homeowners aged 55+ say they are not interested in refinancing even if rates drop, compared to just 6.2% of 18–34 borrowers.
The 55+ segment has the highest loan estimate confidence of any age group (4.10/5) and a clear financial goal, owning their home outright. Their low refi engagement is not apathy. It reflects a mismatch between how refinancing is typically marketed (monthly payment reduction) and what this cohort actually wants (a shorter path to payoff).
Survey Methodology
The MFP National Mortgage Survey was conducted among homeowners across all 50 states. Respondents were segmented by mortgage type (purchase and refinance), age group (18–34, 35–44, 45–54, 55+), and home value tier (under $300,000, $300,000–$600,000, over $600,000).
The survey uses a tiered sampling methodology calibrated to each state’s active mortgage population, as estimated from the U.S. Census Bureau’s American Community Survey (ACS) 2022. Sample precision targets by tier:
- Large states (11 states, including CA, TX, FL, NY): ±5% margin of error at 96% confidence.
- Medium states (22 states): ±6% margin of error at 96% confidence.
- Small states (18 states): ±9% margin of error at 96% confidence, with simplified home value segmentation.
All percentage-based findings are calculated at the segment level (mortgage type × age group × home value tier) before being aggregated. Continuous metrics (satisfaction scores, transparency ratings) are reported as averages. Full methodology documentation is available at full methodology (pdf).
How to Cite This Survey
All statistics from this survey are available for use with attribution. Please use the following citation format:
MFP “U.S. Mortgage Satisfaction Survey: Statistics and Findings.” [Year]. MyFinancialPrograms.com. [URL]
For specific data points, cite the section and statistic directly. Example:
“According to the MFP National Mortgage Survey, 20.9% of home buyers say they would have shopped more lenders if they could do it again, the #1 purchase regret in the survey (MyFinancialPrograms, [Year]).”
Journalists and researchers requesting the full dataset, regional breakdowns, or additional cross-tabulations can contact us on Linkedin.
Data sourced from the MFP National Mortgage Survey, conducted across all 50 states and Washington D.C. Margin of error ranges from ±5% to ±9% at 96% confidence depending on state tier. See full methodology above.