In Q2 2025, the average number of preapproved borrowers per loan officer rose to 28.6, up from 26.5 in Q1. The average preapproved loan amount increased from $326,714 to $367,305, while the average home sales price also jumped from $381,820 to $423,667. Conventional loans became more popular, rising from 74.2% to 74.7% among preapproved borrowers. The average down payment slightly decreased from 14.4% to 13.3%. Lenders must enhance marketing strategies to attract eager borrowers amid steady conversion rates and increased document uploads.
The average number of preapproved borrowers per loan officer increased from 26.5 in Q1 2025 to 28.6 in Q2 2025.
Conventional loans remained the most popular loan type for preapproved borrowers in Q2, increasing their share from 74.2% to 74.7%.
Despite the increase in sales price, we've seen increased prequalification numbers for conventional, FHA, VA, and USDA loans, demonstrating borrowers' desire to purchase.
Borrowers maintained an average of eight preapproval letters before converting, and the total new applications through the LiteSpeed POS platform increased 8.7% between Q1 and Q2.
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