By the Wirly Editorial Team | AI-assisted, human-reviewed
Mortgage Refinancing in America: A State-by-State Data Guide
Powered by HMDA data from 697,820 refinance originations across all 50 states and DC
Total Originations
697,820
2024 HMDA data
National Avg Loan
$428,119
Across all states
National Denial Rate
24.2%
Of all applications
YoY Change
N/A
vs 2023 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 | 12.55% | 1,429 | $299,514 |
| Iowa | 14.5% | 8,877 | $214,066 |
| Wisconsin | 15.57% | 21,170 | $238,962 |
| Nebraska | 16.27% | 4,600 | $245,167 |
| Missouri | 16.69% | 17,496 | $268,383 |
| South Dakota | 17% | 1,948 | $278,953 |
| Kansas | 18.14% | 6,981 | $252,727 |
| Montana | 18.17% | 2,423 | $366,705 |
| Mississippi | 18.57% | 8,974 | $171,910 |
| Minnesota | 19.19% | 10,812 | $307,403 |
| Arkansas | 19.38% | 7,243 | $253,463 |
| Louisiana | 19.68% | 9,238 | $266,728 |
| Kentucky | 19.84% | 11,877 | $259,874 |
| Vermont | 20.04% | 1,560 | $235,532 |
| Indiana | 20.25% | 19,369 | $267,032 |
| Maine | 20.36% | 3,615 | $268,914 |
| Oklahoma | 20.99% | 7,896 | $264,558 |
| Tennessee | 21.17% | 19,266 | $348,336 |
| Alaska | 21.46% | 937 | $368,351 |
| Alabama | 21.7% | 13,193 | $269,590 |
| Illinois | 21.74% | 23,588 | $410,437 |
| Virginia | 22.09% | 20,782 | $483,833 |
| Wyoming | 22.35% | 1,122 | $373,307 |
| New Hampshire | 22.37% | 3,574 | $343,226 |
| Washington | 22.39% | 18,597 | $559,378 |
| Oregon | 22.59% | 8,258 | $454,524 |
| South Carolina | 23.03% | 12,352 | $380,879 |
| Arizona | 23.29% | 17,953 | $545,057 |
| Michigan | 23.48% | 24,799 | $247,324 |
| Delaware | 23.91% | 2,733 | $373,493 |
| Colorado | 23.99% | 15,878 | $560,015 |
| North Carolina | 24.07% | 31,550 | $366,224 |
| Nevada | 24.23% | 5,999 | $585,683 |
| Idaho | 24.66% | 4,430 | $391,226 |
| Maryland | 24.75% | 13,221 | $434,924 |
| Massachusetts | 24.76% | 16,532 | $461,417 |
| Connecticut | 24.83% | 7,551 | $406,862 |
| New Mexico | 24.87% | 3,440 | $383,273 |
| California | 25.21% | 62,170 | $804,400 |
| Georgia | 25.26% | 25,544 | $408,923 |
| Ohio | 25.32% | 29,171 | $261,931 |
| Utah | 25.84% | 13,265 | $347,155 |
| Pennsylvania | 25.93% | 32,037 | $252,848 |
| West Virginia | 26.13% | 2,765 | $211,843 |
| New Jersey | 26.22% | 17,947 | $480,682 |
| Rhode Island | 26.54% | 3,388 | $323,958 |
| District of Columbia | 27.83% | 923 | $1,091,728 |
| Hawaii | 29.64% | 2,433 | $520,857 |
| Texas | 29.83% | 40,705 | $518,571 |
| New York | 29.87% | 19,876 | $870,240 |
| Florida | 34.96% | 35,347 | $514,234 |
Best and Most Challenging States for Refinancing
Lowest Denial Rates
| Rank | State | Denial Rate |
|---|---|---|
| 1 | North Dakota | 12.55% |
| 2 | Iowa | 14.5% |
| 3 | Wisconsin | 15.57% |
| 4 | Nebraska | 16.27% |
| 5 | Missouri | 16.69% |
| 6 | South Dakota | 17% |
| 7 | Kansas | 18.14% |
| 8 | Montana | 18.17% |
| 9 | Mississippi | 18.57% |
| 10 | Minnesota | 19.19% |
Highest Denial Rates
| Rank | State | Denial Rate |
|---|---|---|
| 1 | Florida | 34.96% |
| 2 | New York | 29.87% |
| 3 | Texas | 29.83% |
| 4 | Hawaii | 29.64% |
| 5 | District of Columbia | 27.83% |
| 6 | Rhode Island | 26.54% |
| 7 | New Jersey | 26.22% |
| 8 | West Virginia | 26.13% |
| 9 | Pennsylvania | 25.93% |
| 10 | Utah | 25.84% |
National Refinance Trends
Year-over-Year Originations
National refinance originations by year. Source: HMDA via CFPB.
Refinance volume declined -35.6% nationally from 2022 to 2024.
Denial rates moved from 23.38% to 24.2% 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 2024 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 2024, 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
6.53%
▲ 6.51% prev
15-Year Fixed
5.87%
▲ 5.85% 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
13,193 originations
21.7% denial rate
Alaska
937 originations
21.46% denial rate
Arizona
17,953 originations
23.29% denial rate
Arkansas
7,243 originations
19.38% denial rate
California
62,170 originations
25.21% denial rate
Colorado
15,878 originations
23.99% denial rate
Connecticut
7,551 originations
24.83% denial rate
Delaware
2,733 originations
23.91% denial rate
District of Columbia
923 originations
27.83% denial rate
Florida
35,347 originations
34.96% denial rate
Georgia
25,544 originations
25.26% denial rate
Hawaii
2,433 originations
29.64% denial rate
Idaho
4,430 originations
24.66% denial rate
Illinois
23,588 originations
21.74% denial rate
Indiana
19,369 originations
20.25% denial rate
Iowa
8,877 originations
14.5% denial rate
Kansas
6,981 originations
18.14% denial rate
Kentucky
11,877 originations
19.84% denial rate
Louisiana
9,238 originations
19.68% denial rate
Maine
3,615 originations
20.36% denial rate
Maryland
13,221 originations
24.75% denial rate
Massachusetts
16,532 originations
24.76% denial rate
Michigan
24,799 originations
23.48% denial rate
Minnesota
10,812 originations
19.19% denial rate
Mississippi
8,974 originations
18.57% denial rate
Missouri
17,496 originations
16.69% denial rate
Montana
2,423 originations
18.17% denial rate
Nebraska
4,600 originations
16.27% denial rate
Nevada
5,999 originations
24.23% denial rate
New Hampshire
3,574 originations
22.37% denial rate
New Jersey
17,947 originations
26.22% denial rate
New Mexico
3,440 originations
24.87% denial rate
New York
19,876 originations
29.87% denial rate
North Carolina
31,550 originations
24.07% denial rate
North Dakota
1,429 originations
12.55% denial rate
Ohio
29,171 originations
25.32% denial rate
Oklahoma
7,896 originations
20.99% denial rate
Oregon
8,258 originations
22.59% denial rate
Pennsylvania
32,037 originations
25.93% denial rate
Rhode Island
3,388 originations
26.54% denial rate
South Carolina
12,352 originations
23.03% denial rate
South Dakota
1,948 originations
17% denial rate
Tennessee
19,266 originations
21.17% denial rate
Texas
40,705 originations
29.83% denial rate
Utah
13,265 originations
25.84% denial rate
Vermont
1,560 originations
20.04% denial rate
Virginia
20,782 originations
22.09% denial rate
Washington
18,597 originations
22.39% denial rate
West Virginia
2,765 originations
26.13% denial rate
Wisconsin
21,170 originations
15.57% denial rate
Wyoming
1,122 originations
22.35% denial rate
Frequently Asked Questions
What is the average refinance denial rate in the US?
The national refinance denial rate was 24.2% in 2024, based on HMDA data reported to the Consumer Financial Protection Bureau. Denial rates vary significantly by state, ranging from around 12.55% to 34.96%.
Which state has the lowest refinance denial rate?
North Dakota had the lowest refinance denial rate at 12.55% in 2024. 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 $1,091,728 in 2024. Higher loan amounts typically correlate with higher median home values in that state.
How many people refinanced in 2024?
There were 697,820 refinance originations nationally in 2024, 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.