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15 Cities With the Most Refinanced Mortgages

Couple buying a home and signing mortgage paperwork with real estate agent
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Editor’s Note: This story originally appeared on Construction Coverage.

As mortgage interest rates continue to climb, mortgage refinancing applications remain in decline after refinancing exploded in 2020 and 2021 during the coronavirus 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 refinancing 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.

The proportion of households that refinance their mortgages varies considerably across regions of the country.

The following is a breakdown of mortgage refinances in 2022 across major metropolitan areas. The analysis was conducted by researchers at Construction Coverage. For more information on how each statistic was computed, refer to the methodology at the end.

1. Salt Lake City, UT

Salt Lake City, Utah
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  • Mortgage refinances per 1,000 households with a mortgage: 68.2
  • Total mortgage refinances: 14,645
  • Share of mortgage refinances that are cash-out: 58.9%
  • Median refinance loan amount: $255,000
  • Mortgage refinance approval rate: 80.4%

2. Phoenix-Mesa-Chandler, AZ

Phoenix, Arizona
Tim Roberts Photography / Shutterstock.com
  • Mortgage refinances per 1,000 households with a mortgage: 59.6
  • Total mortgage refinances: 49,802
  • Share of mortgage refinances that are cash-out: 73.5%
  • Median refinance loan amount: $265,000
  • Mortgage refinance approval rate: 82.0%

3. Los Angeles-Long Beach-Anaheim, CA

Houses in a gated neighborhood in Los Angeles, Caifornia
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  • Mortgage refinances per 1,000 households with a mortgage: 57.5
  • Total mortgage refinances: 83,537
  • Share of mortgage refinances that are cash-out: 64.1%
  • Median refinance loan amount: $445,000
  • Mortgage refinance approval rate: 78.8%

4. Nashville-Davidson-Murfreesboro-Franklin, TN

Nashville, Tennessee
Kevin Ruck / Shutterstock.com
  • Mortgage refinances per 1,000 households with a mortgage: 56.6
  • Total mortgage refinances: 20,282
  • Share of mortgage refinances that are cash-out: 58.7%
  • Median refinance loan amount: $245,000
  • Mortgage refinance approval rate: 82.7%

5. Riverside-San Bernardino-Ontario, CA

Riverside California neighborhood
Matt Gush / Shutterstock.com
  • Mortgage refinances per 1,000 households with a mortgage: 55.0
  • Total mortgage refinances: 35,829
  • Share of mortgage refinances that are cash-out: 73.0%
  • Median refinance loan amount: $305,000
  • Mortgage refinance approval rate: 76.8%

6. Grand Rapids-Kentwood, MI

Grand Rapids, Michigan
Suzanne Tucker / Shutterstock.com
  • Mortgage refinances per 1,000 households with a mortgage: 52.7
  • Total mortgage refinances: 9,758
  • Share of mortgage refinances that are cash-out: 51.5%
  • Median refinance loan amount: $155,000
  • Mortgage refinance approval rate: 83.4%

7. Charlotte-Concord-Gastonia, NC-SC

Charlotte North Carolina
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  • Mortgage refinances per 1,000 households with a mortgage: 52.5
  • Total mortgage refinances: 25,812
  • Share of mortgage refinances that are cash-out: 58.7%
  • Median refinance loan amount: $205,000
  • Mortgage refinance approval rate: 80.5%

8. Raleigh-Cary, NC

Raleigh, North Carolina
Sean Pavone / Shutterstock.com
  • Mortgage refinances per 1,000 households with a mortgage: 51.8
  • Total mortgage refinances: 14,127
  • Share of mortgage refinances that are cash-out: 47.5%
  • Median refinance loan amount: $235,000
  • Mortgage refinance approval rate: 82.4%

9. San Diego-Chula Vista-Carlsbad, CA

San Diego cityscape
Sean Pavone / Shutterstock.com
  • Mortgage refinances per 1,000 households with a mortgage: 50.9
  • Total mortgage refinances: 22,586
  • Share of mortgage refinances that are cash-out: 63.7%
  • Median refinance loan amount: $435,000
  • Mortgage refinance approval rate: 79.1%

10. Austin-Round Rock-Georgetown, TX

Austin, Texas
Roschetzky Photography / Shutterstock.com
  • Mortgage refinances per 1,000 households with a mortgage: 50.6
  • Total mortgage refinances: 20,034
  • Share of mortgage refinances that are cash-out: 69.2%
  • Median refinance loan amount: $285,000
  • Mortgage refinance approval rate: 78.5%

11. San Jose-Sunnyvale-Santa Clara, CA

The skyline of San Jose
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  • Mortgage refinances per 1,000 households with a mortgage: 50.0
  • Total mortgage refinances: 12,188
  • Share of mortgage refinances that are cash-out: 48.2%
  • Median refinance loan amount: $645,000
  • Mortgage refinance approval rate: 82.1%

12. San Francisco-Oakland-Berkeley, CA

San Francisco, California
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  • Mortgage refinances per 1,000 households with a mortgage: 49.8
  • Total mortgage refinances: 33,318
  • Share of mortgage refinances that are cash-out: 53.2%
  • Median refinance loan amount: $545,000
  • Mortgage refinance approval rate: 81.5%

13. Providence-Warwick, RI-MA

Providence, Rhode Island
Sean Pavone / Shutterstock.com
  • Mortgage refinances per 1,000 households with a mortgage: 49.8
  • Total mortgage refinances: 13,966
  • Share of mortgage refinances that are cash-out: 54.3%
  • Median refinance loan amount: $225,000
  • Mortgage refinance approval rate: 79.7%

14. Sacramento-Roseville-Folsom, CA

California Capitol building in Sacramento
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  • Mortgage refinances per 1,000 households with a mortgage: 49.6
  • Total mortgage refinances: 18,884
  • Share of mortgage refinances that are cash-out: 68.1%
  • Median refinance loan amount: $315,000
  • Mortgage refinance approval rate: 81.4%

15. Tampa-St. Petersburg-Clearwater, FL

Tampa waterfront homes with boats.
Peter Titmuss / Shutterstock.com
  • Mortgage refinances per 1,000 households with a mortgage: 49.2
  • Total mortgage refinances: 25,703
  • Share of mortgage refinances that are cash-out: 68.0%
  • Median refinance loan amount: $205,000
  • Mortgage refinance approval rate: 75.1%

Methodology

Financial analysts look at data
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​​To find the locations with the most refinanced mortgages, researchers at Construction Coverage analyzed the latest data from the Federal Financial Institutions Examination Council’s 2022 “Home Mortgage Disclosure Act” and the U.S. Census Bureau’s 2022 American Community Survey.

The researchers ranked metros according to the number of mortgage refinances originated in 2022 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 metro with the larger total number of mortgage refinances was ranked higher.

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