Original research · HMDA data
The Michigan Mortgage Report: Who Gets Approved in 2024
The short version
In 2024, Michigan lenders originated 105,614 home-purchase mortgages and turned down 19,632 applications — a statewide denial rate of 15.7%. Your odds depend a lot on where you buy: county denial rates run from 9.3% in Marquette to 18.8% in Wayne. Meanwhile, refinancing came roaring back — up 74.2% in a year.
- Michigan lenders closed 105,614 home-purchase loans in 2024, up 3% from 2023.
- The statewide purchase denial rate was 15.7% — flat versus 2023’s 15.7%.
- Wayne County had the highest denial rate (18.8%); Marquette County the lowest (9.3%).
- Rate-and-term refinancing jumped 74.2% as rates eased — the clearest sign the market shifted in 2024.
The Michigan purchase market in 2024
Of every 100 Michigan home-purchase applications that reached a decision, about 16 were denied and the rest became loans. But most applications never reach a clean yes-or-no: thousands are withdrawn by the buyer or closed as incomplete along the way.
The 20,835 withdrawn and 4,716 incomplete applications are a reminder that a mortgage can fall apart for reasons that have nothing to do with a lender saying no — a deal collapses, an appraisal comes in low, or a buyer simply walks. Counting only clean decisions keeps the denial rate comparable from place to place.
Refinancing came back in 2024
Purchase lending barely moved (3% growth), but refinancing tells a different story. As mortgage rates slipped from their 2023 highs, Michigan homeowners jumped back in: rate-and-term refinances rose 74.2% year over year.
| Loan purpose | 2023 | 2024 | Change |
|---|---|---|---|
| Home purchase | 102,534 | 105,614 | +3% |
| Cash-out refinance | 24,630 | 28,518 | +16% |
| Rate/term refinance | 14,300 | 24,908 | +74% |
| Home improvement | 22,689 | 23,842 | +5% |
| Other purpose | 21,981 | 23,212 | +6% |
Source: FFIEC HMDA Data Browser, Michigan originations, pulled 2026-07-06.
Mortgage denial rates by Michigan county
Here’s the share of decided home-purchase applications that lenders denied in 2024, across Michigan’s larger counties. The statewide average is 15.7% — counties above that line turn down a bigger slice of applicants.
Source: FFIEC HMDA Data Browser, 2024, home-purchase applications (denied ÷ denied + originated). Pulled 2026-07-06. Statewide average: 15.7%.
What this means if you’re applying in Michigan
You can’t change your county’s numbers, but you can improve your own odds before you apply.
- Know your debt-to-income ratio. It’s the single most common reason applications are denied. Check yours with our DTI calculator first.
- Shop more than one lender. Approval standards and pricing differ — compare a few on our Michigan lender reviews.
- Use assistance to shrink the loan. Michigan buyer assistance programs can lower how much you need to borrow, which helps on tight applications.
- Get pre-approved early. A real pre-approval surfaces problems while you still have time to fix them — see how to buy a house in Michigan.
Frequently asked questions
What was the mortgage denial rate in Michigan in 2024?
Across Michigan, lenders denied 15.7% of home-purchase applications in 2024 — 19,632 denials against 105,614 loans that closed. That rate was essentially flat versus 2023 (15.7%). It varied widely by county, from 9.3% in Marquette to 18.8% in Wayne.
Which Michigan county has the highest mortgage denial rate?
Among Michigan’s larger counties in 2024, Wayne County had the highest home-purchase denial rate at 18.8%, and Marquette County the lowest at 9.3%. Denial rates reflect the mix of applicants, loan types and home prices in each county — not just how strict local lenders are.
Why did Michigan refinancing jump in 2024?
Rate-and-term refinances rose about 74.2% year over year as mortgage rates eased off their 2023 peak, giving some homeowners a reason to refinance again. Home-purchase lending, by contrast, grew only 3%.
Where does this data come from?
It comes from the FFIEC HMDA Data Browser (CFPB), the federal database every mortgage lender must report to under the Home Mortgage Disclosure Act. We pulled 2024 Michigan figures on 2026-07-06. Denied applications divided by denied plus originated loans. Excludes applications that were withdrawn, closed for incompleteness, or approved but not accepted, and excludes loans purchased from other lenders and preapproval-only requests.
How can I lower my odds of a denial?
The most common denial drivers are debt-to-income ratio, credit history and insufficient assets. Check your debt-to-income ratio before applying, compare a few Michigan lenders, and if you’re a first-time buyer, look at first-time buyer assistance that can shrink the loan you need.