Report: Madison ranks 3rd for home loan approvals

A new report by Stressa analyzing home purchase loan approval rates in the U.S. has found that the home purchase loan approval rate in the Madison metropolitan area was 93.9%, the third-highest among all midsize U.S. metros. Loan-level mortgage data from the Home Mortgage Disclosure Act showed 86.3% of all 2020 applicants were approved for home purchase mortgages, with a median loan amount of $235,000. In the second half of 2020, 30-year fixed mortgage rates fell below 3% for the first time in history and then continued to fall, and conventional home purchase loan applications numbered 5.8 million in 2020, accounting for 23% of all applications.