Mortgage Refinancing in America: A State-by-State Data Guide
Powered by HMDA data from 435,709 refinance originations across all 50 states and DC
Total Originations
435,709
2023 HMDA data
National Avg Loan
$410,429
Across all states
National Denial Rate
27.87%
Of all applications
YoY Change
N/A
vs 2022 volume
Refinance Denial Rates by State
Click any state to see detailed refinance data, top lenders, and current rates.
| State | Denial ▲ | Originations | Avg Loan |
|---|---|---|---|
| North Dakota | 14.66% | 972 | $355,401 |
| Iowa | 15.58% | 6,451 | $174,775 |
| Wisconsin | 15.66% | 17,110 | $203,275 |
| Nebraska | 16.6% | 3,024 | $199,785 |
| South Dakota | 16.84% | 1,427 | $306,654 |
| Mississippi | 17.94% | 7,219 | $156,254 |
| Louisiana | 19.06% | 7,835 | $261,563 |
| Missouri | 19.78% | 10,474 | $230,222 |
| Minnesota | 19.94% | 7,682 | $279,078 |
| Kentucky | 20.28% | 8,996 | $224,125 |
| Vermont | 20.3% | 1,327 | $200,946 |
| Kansas | 20.91% | 4,496 | $327,602 |
| Oklahoma | 21.69% | 5,559 | $245,781 |
| Montana | 21.92% | 1,439 | $317,669 |
| Arkansas | 22.72% | 4,589 | $222,021 |
| Tennessee | 22.86% | 13,539 | $321,582 |
| Alabama | 23.26% | 8,991 | $256,350 |
| Indiana | 23.78% | 12,233 | $260,900 |
| Maine | 24.14% | 2,219 | $209,498 |
| Wyoming | 24.59% | 601 | $321,356 |
| Idaho | 24.85% | 2,858 | $422,183 |
| Oregon | 25.72% | 4,931 | $476,541 |
| New Hampshire | 27.18% | 2,216 | $281,345 |
| West Virginia | 27.3% | 2,287 | $150,903 |
| Alaska | 27.35% | 340 | $500,735 |
| Illinois | 27.43% | 13,319 | $412,691 |
| Utah | 27.48% | 9,291 | $338,529 |
| Pennsylvania | 27.51% | 26,803 | $213,690 |
| Connecticut | 27.55% | 5,814 | $406,032 |
| Delaware | 27.58% | 1,667 | $459,751 |
| Massachusetts | 27.83% | 11,370 | $374,288 |
| Ohio | 28.22% | 19,294 | $229,121 |
| Michigan | 28.35% | 14,300 | $277,562 |
| Rhode Island | 28.39% | 2,691 | $283,346 |
| Virginia | 28.51% | 10,567 | $419,603 |
| New York | 28.95% | 17,979 | $748,420 |
| North Carolina | 29.1% | 21,210 | $298,069 |
| Washington | 29.27% | 9,509 | $552,197 |
| South Carolina | 29.49% | 6,337 | $336,979 |
| Georgia | 29.89% | 14,581 | $389,775 |
| Colorado | 30.26% | 7,542 | $600,329 |
| Maryland | 30.79% | 6,891 | $508,370 |
| New Jersey | 31.28% | 11,167 | $467,132 |
| Hawaii | 31.29% | 2,205 | $435,698 |
| New Mexico | 31.38% | 1,793 | $381,291 |
| California | 32.07% | 29,110 | $888,696 |
| Arizona | 32.67% | 7,198 | $566,838 |
| Nevada | 33.08% | 2,413 | $600,015 |
| Texas | 36.55% | 22,032 | $656,966 |
| District of Columbia | 38.74% | 574 | $2,340,645 |
| Florida | 39.94% | 20,427 | $615,750 |
Best and Most Challenging States for Refinancing
Lowest Denial Rates
| Rank | State | Denial Rate |
|---|---|---|
| 1 | North Dakota | 14.66% |
| 2 | Iowa | 15.58% |
| 3 | Wisconsin | 15.66% |
| 4 | Nebraska | 16.6% |
| 5 | South Dakota | 16.84% |
| 6 | Mississippi | 17.94% |
| 7 | Louisiana | 19.06% |
| 8 | Missouri | 19.78% |
| 9 | Minnesota | 19.94% |
| 10 | Kentucky | 20.28% |
Highest Denial Rates
| Rank | State | Denial Rate |
|---|---|---|
| 1 | Florida | 39.94% |
| 2 | District of Columbia | 38.74% |
| 3 | Texas | 36.55% |
| 4 | Nevada | 33.08% |
| 5 | Arizona | 32.67% |
| 6 | California | 32.07% |
| 7 | New Mexico | 31.38% |
| 8 | Hawaii | 31.29% |
| 9 | New Jersey | 31.28% |
| 10 | Maryland | 30.79% |
National Refinance Trends
Year-over-Year Originations
National refinance originations by year. Source: HMDA via CFPB.
Refinance volume declined -59.8% nationally from 2022 to 2023.
Denial rates moved from 23.38% to 27.87% over the same period. This shift may reflect changes in the interest rate environment, borrower qualification standards, or overall demand for refinancing.
Elevated mortgage rates through 2023 could have reduced the pool of borrowers who would benefit from refinancing, as fewer homeowners held rates above current market levels.
National Loan Type Breakdown
Includes all refinance applications (originated, denied, and other outcomes). Source: HMDA via CFPB.
In 2023, conventional loans made up the largest share of refinance originations nationally, followed by FHA and VA loans. This distribution may reflect overall credit quality and equity levels among refinancing homeowners.
FHA refinances can be an option for borrowers with lower credit scores or less equity, while VA refinances (including the Interest Rate Reduction Refinance Loan) are available to eligible veterans and service members.
Source: HMDA data via the Consumer Financial Protection Bureau.
Current Rate Environment
30-Year Fixed
6.38%
▲ 6.22% prev
15-Year Fixed
5.75%
▲ 5.54% prev
5/1 ARM
6.06%
▲ 5.95% prev
National average rates updated daily from FRED (Federal Reserve Bank of St. Louis). Your rate depends on your credit score, loan amount, and lender.
Get personalized rates →30-Year Fixed Rate Trend (Last 12 Months)
30-year fixed mortgage rate trend. Source: FRED (Freddie Mac PMMS).
Current mortgage rates play a significant role in determining whether refinancing could save you money. If your existing rate is at least 0.5 to 1 percentage point above current rates, refinancing may be worth exploring.
Try the Refinance CalculatorBrowse Refinance Data by State
Alabama
8,991 originations
23.26% denial rate
Alaska
340 originations
27.35% denial rate
Arizona
7,198 originations
32.67% denial rate
Arkansas
4,589 originations
22.72% denial rate
California
29,110 originations
32.07% denial rate
Colorado
7,542 originations
30.26% denial rate
Connecticut
5,814 originations
27.55% denial rate
Delaware
1,667 originations
27.58% denial rate
District of Columbia
574 originations
38.74% denial rate
Florida
20,427 originations
39.94% denial rate
Georgia
14,581 originations
29.89% denial rate
Hawaii
2,205 originations
31.29% denial rate
Idaho
2,858 originations
24.85% denial rate
Illinois
13,319 originations
27.43% denial rate
Indiana
12,233 originations
23.78% denial rate
Iowa
6,451 originations
15.58% denial rate
Kansas
4,496 originations
20.91% denial rate
Kentucky
8,996 originations
20.28% denial rate
Louisiana
7,835 originations
19.06% denial rate
Maine
2,219 originations
24.14% denial rate
Maryland
6,891 originations
30.79% denial rate
Massachusetts
11,370 originations
27.83% denial rate
Michigan
14,300 originations
28.35% denial rate
Minnesota
7,682 originations
19.94% denial rate
Mississippi
7,219 originations
17.94% denial rate
Missouri
10,474 originations
19.78% denial rate
Montana
1,439 originations
21.92% denial rate
Nebraska
3,024 originations
16.6% denial rate
Nevada
2,413 originations
33.08% denial rate
New Hampshire
2,216 originations
27.18% denial rate
New Jersey
11,167 originations
31.28% denial rate
New Mexico
1,793 originations
31.38% denial rate
New York
17,979 originations
28.95% denial rate
North Carolina
21,210 originations
29.1% denial rate
North Dakota
972 originations
14.66% denial rate
Ohio
19,294 originations
28.22% denial rate
Oklahoma
5,559 originations
21.69% denial rate
Oregon
4,931 originations
25.72% denial rate
Pennsylvania
26,803 originations
27.51% denial rate
Rhode Island
2,691 originations
28.39% denial rate
South Carolina
6,337 originations
29.49% denial rate
South Dakota
1,427 originations
16.84% denial rate
Tennessee
13,539 originations
22.86% denial rate
Texas
22,032 originations
36.55% denial rate
Utah
9,291 originations
27.48% denial rate
Vermont
1,327 originations
20.3% denial rate
Virginia
10,567 originations
28.51% denial rate
Washington
9,509 originations
29.27% denial rate
West Virginia
2,287 originations
27.3% denial rate
Wisconsin
17,110 originations
15.66% denial rate
Wyoming
601 originations
24.59% denial rate
Frequently Asked Questions
What is the average refinance denial rate in the US?
The national refinance denial rate was 27.87% in 2023, based on HMDA data reported to the Consumer Financial Protection Bureau. Denial rates vary significantly by state, ranging from around 14.66% to 39.94%.
Which state has the lowest refinance denial rate?
North Dakota had the lowest refinance denial rate at 14.66% in 2023. States with lower denial rates may reflect stronger borrower profiles, higher home equity levels, or more favorable lending conditions.
Which state has the highest average refinance loan amount?
District of Columbia had the highest average refinance loan amount at $2,340,645 in 2023. Higher loan amounts typically correlate with higher median home values in that state.
How many people refinanced in 2023?
There were 435,709 refinance originations nationally in 2023, according to HMDA data. This represents the reported total compared to the prior year.
Is now a good time to refinance?
Whether refinancing makes sense depends on your current interest rate, remaining loan balance, credit score, and how long you plan to stay in your home. A general guideline suggests refinancing could be beneficial if you can reduce your rate by at least 0.5 to 1 percentage point. Use our refinance calculator to estimate your potential savings.
What credit score do you need to refinance?
Most conventional refinance lenders look for a credit score of 620 or higher. FHA streamline refinances may accept scores as low as 580. VA refinance loans (IRRRL) typically have more flexible credit requirements. Your credit score also affects the interest rate you may be offered.
How much does refinancing cost?
Refinancing closing costs typically range from 2% to 5% of the loan amount. This may include appraisal fees, title insurance, origination fees, and other charges. Some lenders offer no-closing-cost refinances, though these usually come with a slightly higher interest rate. Use our break-even calculator to see when savings could offset closing costs.
How long does refinancing take?
The refinancing process typically takes 30 to 45 days from application to closing, though timelines can vary. Factors that may affect timing include appraisal scheduling, title searches, and lender processing volumes. Having documentation ready (pay stubs, tax returns, bank statements) could help speed up the process.
Data sourced from HMDA (Home Mortgage Disclosure Act) via the Consumer Financial Protection Bureau and FRED (Federal Reserve Bank of St. Louis). This page is for educational purposes only and does not constitute financial advice. Actual rates, terms, and eligibility will vary based on individual circumstances. Consult a licensed mortgage professional for personalized guidance. Wirly is not a lender or mortgage broker.