Mortgage refinancing is most popular in Utah, Idaho, and Arizona
Source: Construction Coverage analysis of Home Mortgage Disclosure Act data | Image Credit: Construction Coverage
The proportion of households that refinance their mortgage varies considerably across regions of the country. In the U.S. overall, there were 42.1 mortgage refinances approved per 1,000 households with mortgages in 2022. Refinancing is much more common in the western U.S. where home prices have appreciated rapidly over the past decade. Out of all 50 states, Utah had the most mortgage refinances at 70.3 refinances per 1,000 households with a mortgage, followed by Idaho (63.4), and Arizona (56.2). Conversely, at just 26.0 refinances per 1,000 mortgaged households, Alaska had the fewest.
At the metropolitan level, many of the same trends hold true. Utah is well represented, with the Salt Lake City metro ranking first among large metros, Provo-Orem claiming the top spot among midsize metros, and St. George, UT and Logan, UT-ID ranking second and fourth, respectively, among small metros.
Below is a complete breakdown of mortgage refinances in 2022 across more than 380 metropolitan areas, grouped by size, and all 50 states. The analysis was conducted by researchers at Construction Coverage, a website that compares construction software and insurance, 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.
