Mortgage refinances surged in 2020, increasing 146% from 2019 due to historically low interest rates, and remained high in 2021. However, they dropped by nearly 70% in 2022 and fell even further in 2023 by another 61%. However, some parts of the U.S. continue to see high rates of refinancing. According to Construction Coverage, Utah led in refinancing activity, with 27.5 refinances per 1,000 households with mortgages, followed by Wisconsin at 26.7, and Rhode Island at 23.4. Comparatively, the national average was 16.3 refinances per 1,000 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. Read more
