Lower at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the C grade breaks down
Each component is a percentile rank among 101 large mortgage lenders. Higher is better. Components the lender does not report are left out and the weights redistributed.
Approval oddsdecision denial rate, weight 45%
59th13.9% deniedPricingmedian rate spread over APOR, weight 30%
44th0.34 ptsProcesswithdrawn + incomplete share, weight 15%
27th28.9%Closing coststotal loan costs ÷ loan amount, weight 10%
35th2.78% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 13,169 | 8,747 | 13.1% | 16.3% | 6.75% | $2.5B |
| 2024 | 27,730 | 17,412 | 9.4% | 12.7% | 6.75% | $5.4B |
| 2025 | 29,643 | 17,905 | 9.9% | 13.9% | 6.63% | $5.8B |
What Lower lends
Applications by purpose and loan type in 2025, with the denial rate for each. A lender's mix explains a lot of its headline rate: HELOCs and FHA loans are denied far more often than conventional purchase loans.
By loan purpose
By loan type
Also: 1,129 home-equity lines, 4 reverse mortgages, 650 manufactured homes, 1,177 investment properties.
Why Lower denies applications
Primary reason reported for each of the 2,926 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Lower
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 1,993 | 1,012 | 28.9% |
| $50k – $100k | 11,024 | 6,663 | 15.9% |
| $100k – $150k | 7,651 | 4,770 | 11.5% |
| $150k – $250k | 5,692 | 3,525 | 9.8% |
| Over $250k | 2,812 | 1,744 | 6.9% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under 25 | 1,483 | 1,069 | 9.9% |
| 25–34 | 7,826 | 5,223 | 9.7% |
| 35–44 | 7,703 | 4,669 | 13.2% |
| 45–54 | 5,312 | 3,098 | 15.5% |
| 55–64 | 3,972 | 2,229 | 17.4% |
| 65–74 | 2,283 | 1,184 | 20.7% |
| Over 74 | 1,064 | 433 | 26.2% |
Where Lower lends
47 states and 1,874 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| Florida | 2,831 | 1,721 | 11.3% | 6.63% | #73 |
| Texas | 2,648 | 1,752 | 6.4% | 6.50% | #77 |
| Ohio | 2,641 | 1,641 | 8.1% | 6.63% | #38 |
| South Carolina | 2,142 | 1,492 | 7.4% | 6.63% | #26 |
| Illinois | 1,808 | 1,191 | 8.5% | 6.75% | #46 |
| Colorado | 1,659 | 1,189 | 6.3% | 6.50% | #36 |
| North Carolina | 1,624 | 1,047 | 7.9% | 6.50% | #61 |
| Georgia | 1,610 | 846 | 13.0% | 6.50% | #60 |
| Virginia | 1,039 | 635 | 10.4% | 6.62% | #71 |
| Maryland | 942 | 581 | 11.3% | 6.63% | #59 |
| Indiana | 793 | 474 | 9.2% | 6.63% | #81 |
| California | 722 | 264 | 14.7% | 6.75% | #203 |
| Kentucky | 689 | 452 | 9.7% | 6.56% | #63 |
| Iowa | 650 | 486 | 5.5% | 6.75% | #36 |
| Tennessee | 623 | 332 | 12.8% | 6.63% | #94 |
| Washington | 587 | 284 | 11.6% | 6.50% | #89 |
| New Jersey | 550 | 242 | 16.0% | 6.50% | #108 |
| Louisiana | 548 | 372 | 7.9% | 6.63% | #52 |
| Minnesota | 511 | 377 | 5.3% | 6.50% | #81 |
| Pennsylvania | 511 | 210 | 16.4% | 6.50% | #152 |
| Arizona | 495 | 280 | 9.9% | 6.38% | #112 |
| Missouri | 396 | 192 | 15.7% | 6.50% | #113 |
| Michigan | 371 | 154 | 11.1% | 6.75% | #152 |
| Wisconsin | 314 | 182 | 12.7% | 6.63% | #115 |
| Montana | 300 | 221 | 8.0% | 6.00% | #27 |
| Alabama | 283 | 132 | 14.5% | 6.63% | #127 |
| Massachusetts | 278 | 103 | 19.1% | 6.50% | #126 |
| Arkansas | 218 | 130 | 7.8% | 6.50% | #105 |
| Idaho | 218 | 66 | 9.6% | 6.56% | #81 |
| Oregon | 187 | 96 | 9.6% | 6.50% | #123 |
| Utah | 181 | 129 | 6.1% | 6.62% | #105 |
| Connecticut | 163 | 62 | 17.2% | 6.38% | #120 |
| Delaware | 149 | 71 | 19.5% | 6.50% | #63 |
| Kansas | 132 | 64 | 17.4% | 6.63% | #135 |
| Oklahoma | 112 | 62 | 14.3% | 6.63% | #172 |
| Nevada | 110 | 78 | 5.5% | 6.50% | #139 |
| West Virginia | 106 | 51 | 16.0% | 6.63% | #94 |
| District of Columbia | 88 | 64 | 5.7% | 6.38% | #51 |
| New Hampshire | 85 | 44 | 9.4% | 6.63% | #90 |
| Mississippi | 74 | 17 | 32.4% | 6.50% | #145 |
| Nebraska | 72 | 42 | 16.7% | 6.63% | #123 |
| Maine | 64 | 17 | 21.9% | 6.13% | #115 |
| New Mexico | 48 | 27 | 18.8% | 6.88% | #156 |
| Wyoming | 39 | 18 | 20.5% | 6.19% | #79 |
| South Dakota | 23 | 9 | 13.0% | 6.50% | #98 |
| North Dakota | 7 | 4 | 14.3% | 6.75% | #148 |
Frequently asked questions
Lower denied 13.9% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 59th percentile of large mortgage lenders.
The most common reason Lower gave in 2025 was "debt-to-income ratio", cited on 32.4% of its denials. Lenders report up to four reasons per denial to the CFPB; the full breakdown is on this page.
The median interest rate on loans Lower originated in 2025 was 6.63%, and its median rate spread over the average prime offer rate was 0.34 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 60% of its applications were for home purchases, 40% for refinancing (including cash-out), and 0% for home improvement or other purposes. By loan type: 58% conventional, 30% FHA, 11% VA.
Every figure on this page comes from the Home Mortgage Disclosure Act (HMDA) Loan/Application Register published by the CFPB, which lenders are required by federal law to file. We add the grade and the comparisons; we do not add facts.