U.S. Cities With the Most Mortgage Refinances

Note: This is the most recent release of our U.S. Cities With the Most Mortgage Refinances study. To see data from previous years, please visit the Full Results section below.

As mortgage interest rates remain elevated above pre-pandemic levels, mortgage refinancing applications continue to decline after refinancing exploded in 2020 and 2021 during the pandemic.

Most commonly, mortgage refinancing allows a homeowner to replace their existing loan with a new loan at a lower interest rate or different term length. Certain types of refinancing agreements can also enable the homeowner to receive cash in exchange for accrued home equity. The mortgage refinance industry is acutely sensitive to changes in the overall U.S. economy, so as economic conditions continue to change, the mortgage refinancing landscape will shift as well.

Composition of U.S. Mortgage Refinances

Mortgage refinances have declined well below pre-pandemic levels

Due primarily to historically low interest rates, mortgage refinances skyrocketed in 2020, increasing a whopping 146% from 2019 and remaining at similar levels in 2021. However, in 2022, mortgage refinances regressed back to pre-pandemic levels—declining nearly 70% to a total of approximately 2.2 million refinances. In 2023, refinances declined even further—down another 61% to just over 841,000. Notably, the composition of mortgage refinances shifted as well. Driven by a historic runup in home sale value during COVID, the majority of all mortgage refinances in 2022 and 2023 were cash-out as homeowners looked to draw on their newfound home equity.

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Most Common Denial Reasons for Mortgage Refinance Applications

Inadequate debt-to-income ratio is the most common reason for denied refinancing

Although refinancing a mortgage can help reduce monthly payments or provide some much needed liquidity, not all refinancing applications are approved. In 2023, approximately 73% of mortgage refinance applications were approved by the lender, while 27% were denied for one or multiple reasons. The most common reason for denial was an inadequate debt-to-income ratio, cited in 41% of all denied applications—a rise of over 6 percentage points from the previous year. Credit history was the second most common reason, mentioned in over one in four denials and also more frequently than the prior year.

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Mortgage Refinances by Location

Mortgage refinancing is most popular in Utah and Wisconsin

The proportion of households that refinance their mortgage varies considerably across regions of the country. Out of all 50 states, Utah had the most mortgage refinances in 2023 at 27.5 refinances per 1,000 households with a mortgage, followed by Wisconsin (26.7) and Rhode Island (23.4). In the U.S. overall, there were 16.3 mortgage refinances originated per 1,000 households with mortgages in 2023. At the other end of the spectrum, Alaska had the fewest with just 8.7 refinances per 1,000 mortgaged households.

At the metropolitan level, many of the same trends hold true. Utah and Wisconsin are well represented, with metros from either state claiming the top two spots in small, midsize, and large metro cohort rankings. Salt Lake City-Murray, UT (26.1) and Milwaukee-Waukesha, WI (23.9) outpace all large metros for mortgage refinances relative to the number of homes.

Below is a complete breakdown of mortgage refinances in 2023 across more than 380 metropolitan areas, grouped by size, and all 50 states. The analysis was conducted by researchers at Construction Coverage, using data from the Federal Financial Institutions Examination Council and the U.S. Census Bureau. For more information on how each statistic was computed, refer to the methodology section below.

Cities With the Most Mortgage Refinances

States With the Most Mortgage Refinances

*Mortgage refinances per 1k households with a mortgage

Full Results

Methodology

​​To find the locations with the most mortgage refinances, researchers at Construction Coverage analyzed the latest data from the Federal Financial Institutions Examination Council’s 2023 Home Mortgage Disclosure Act and the U.S. Census Bureau’s 2023 American Community Survey. The researchers ranked metros according to the number of mortgage refinances originated in 2023 per 1,000 households with a mortgage. Only conventional refinances for single-family dwellings were considered for this analysis. In the event of a tie, the location with the larger total number of originated mortgage refinances was ranked higher. To improve relevance, metropolitan areas were grouped into the following cohorts based on population size: small (less than 350,000), midsize (350,000–999,999), and large (1,000,000 or more).

References

1. Freddie Mac (2024, November 27). 30-Year Fixed Rate Mortgage Average in the United States. Retrieved on December 2, 2024 from https://fred.stlouisfed.org/series/MORTGAGE30US.
2. Mortgage Bankers Association. (2024, November 6). Mortgage Applications Decrease in Latest MBA Weekly Survey. Retrieved on December 2, 2024 from https://www.mba.org/news-and-research/newsroom/news/2024/11/06/mortgage-applications-decrease-in-latest-mba-weekly-survey.
3. U.S. Census Bureau and U.S. Department of Housing and Urban Development. (2024, October 24). Median Sales Price of Houses Sold for the United States. Retrieved on December 2, 2024 from https://fred.stlouisfed.org/series/MSPUS.
4. Consumer Financial Protection Bureau. (2024). Mortgage data (HMDA). Retrieved on December 2, 2024 from https://www.consumerfinance.gov/data-research/hmda/.
5. U.S. Census Bureau. (2024). American Community Survey [Data set]. Retrieved on December 2, 2024 from https://www.census.gov/programs-surveys/acs.