Mortgage Demand Stress by ZIP: Purchase Applications, Refinance Applications and Credit Tightening (2026)
The demand card reads the buyer side of HMDA: are purchase applications rising or falling in the ZIP, are refinance applications, how far has total demand contracted, and are lenders denying more. Those four become a mortgage demand stress score. A ZIP where buyers are leaving is a ZIP where a distressed seller waits longer; this report ranks the highest-stress ZIPs and gives the national averages.
- 33,784 ZIPs carry a mortgage demand stress score; the average is 52.2 and 383 ZIPs score 70 or higher.
- Average demand contraction is 33.0 and the average credit-tightening proxy 100.0 on the hmda-demand card.
- 79540 in Stonewall County, TX is highest at 99.0, contraction 98.7 and tightening 100.0.
- Demand stress on the hmda-demand card is one of five components of the institutional v2 composite.
hmda-demand: the HMDA demand card figures as of 2026-10-20; source HMDA application records by ZIP, latest two reporting years.
| ZIP (county, state) | Demand stress | Demand contraction | Credit tightening | Purchase apps trend |
|---|---|---|---|---|
| 79540 (Stonewall, TX) | 99.0 | 98.7 | 100.0 | 97.8 |
| 79502 (Stonewall, TX) | 99.0 | 98.7 | 100.0 | 97.8 |
| 68622 (Wheeler, NE) | 98.0 | 96.7 | 100.0 | 94.4 |
| 68637 (Wheeler, NE) | 98.0 | 96.7 | 100.0 | 94.4 |
| 57574 (Bennett, SD) | 96.0 | 94.7 | 100.0 | 91.2 |
| 57714 (Bennett, SD) | 96.0 | 94.7 | 100.0 | 91.2 |
| 57551 (Bennett, SD) | 96.0 | 94.7 | 100.0 | 91.2 |
| 99820 (Hoonah-Angoon, AK) | 95.0 | 93.3 | 100.0 | 100.0 |
| 99826 (Hoonah-Angoon, AK) | 95.0 | 93.3 | 100.0 | 100.0 |
| 99829 (Hoonah-Angoon, AK) | 95.0 | 93.3 | 100.0 | 100.0 |
ZIPs by mortgage demand stress (hmda-demand, as of 2026-10-20)
ZIPs where mortgage demand has contracted most (hmda-demand)
79540 in Stonewall County, TX: stress 99.0, contraction 98.7, tightening 100.0, purchase trend 97.8; 79502 in Stonewall County, TX: stress 99.0, contraction 98.7, tightening 100.0, purchase trend 97.8; 68622 in Wheeler County, NE: stress 98.0, contraction 96.7, tightening 100.0, purchase trend 94.4; 68637 in Wheeler County, NE: stress 98.0, contraction 96.7, tightening 100.0, purchase trend 94.4; 57574 in Bennett County, SD: stress 96.0, contraction 94.7, tightening 100.0, purchase trend 91.2; 57714 in Bennett County, SD: stress 96.0, contraction 94.7, tightening 100.0, purchase trend 91.2.
What hmda-demand measures
Purchase applications trend 0-100, refinance applications trend 0-100, demand contraction 0-100, the credit-tightening proxy 0-100 (denial and withdrawal shares) and the combined mortgage demand stress score.
How hmda-demand is computed
HMDA application records are counted by ZIP, purpose and action; trends compare the latest two years, contraction scales the total change, and the tightening proxy scales denials against applications. The score averages the components and refreshes with each HMDA release.
How to use hmda-demand on a deal
High demand stress with low liquidity stress is a quiet market where a well-priced distressed purchase still sells; high demand stress with high liquidity stress is where the exit stalls. A high tightening proxy means financed buyers are being refused, which favours cash buyers at the auction and the direct offer.
Read hmda-demand on your ZIPs
The bank-stress pages show which lenders are retreating by state; the live board shows the demand card on every parcel.
Hmda-demand refreshes with its source table.
Mortgage Demand Stress by ZIP: Purchase Applications, Refinance Applications and Credit Tightening (2026): questions
Are applications the same as loans?
No. Applications include denials and withdrawals; originations are the subset that closed. The card reads applications as the demand signal.
Why is credit tightening a proxy?
Lenders do not publish standards; the denial and withdrawal shares stand in for them.
How does it relate to the refinance card?
The refinance card reads closed refinances; this card reads applications for both purposes.
More on the HMDA demand card
Mortgage Demand Stress by ZIP: Purchase Applications, Refinance Applications and Credit Tightening (2026) (hmda-demand) is computed from HMDA application records by ZIP, latest two reporting years; the HMDA demand card is research (hmda-demand), not legal advice; nothing on the hmda-demand page is tax or hmda-demand investment advice, so verify every hmda-demand figure with its issuing agency before acting.