Refi originations increased by 96.8% on a quarterly basis in the fourth quarter of 2025. For the full year, refi volume was up 61.2% while purchase-mortgage lending increased by 2.4%. (Includes five data tables.)

Originations of home equity lines of credit and closed-end second liens continued to increase during the third quarter of 2025 but at a slower pace than in the previous quarter.

First-lien originations declined from the second quarter to the third, but the top five lenders boosted their share of production.