Declining interest rates lifted refi lending in the third quarter but couldn’t help the seasonal slowdown in purchase-mortgage originations. Nine months into the year, refi business was up nearly 50% on an annual basis. (Includes five data tables.)

Refi activity at United Wholesale Mortgage and Rocket Mortgage in the third quarter overshadowed any competing lenders.

Lenders are turning to new data to identify refi opportunities. Some borrowers are willing to increase their mortgage rate to tap home equity.

It’s not yet clear exactly when the Homebuyers Privacy Protection Act will take effect, but mortgage industry experts say loan officers should already be changing their marketing practices.

The retention rate dropped to 23% in the second quarter of 2025, with many servicers losing out on cash-out refinances.

The push toward automating processes and streamlining business practices helped spur fast closings during the recent refinance boom.

The new offering allows for a cash-out refi with an LTV ratio near 90% without borrower-paid mortgage insurance.

Lower rates this winter could create a small boost in refi volume, but don’t expect a massive wave of refis like a few years ago.

The spring homebuying season helped to increase purchase-mortgage lending by 40% from the first quarter to the second. Still, the purchase sector lost some market share in the first half of the year as refi business percolates. (Includes five data tables.)

Borrowers who obtained mortgages in recent years are prime targets for refis as interest rates decline.