{"id":84320,"date":"2026-03-12T05:30:03","date_gmt":"2026-03-12T12:30:03","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=84320"},"modified":"2026-03-12T03:44:14","modified_gmt":"2026-03-12T10:44:14","slug":"refi-take-up-rate-2026","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/refi-take-up-rate-2026\/","title":{"rendered":"1 in 5 Homeowners With a Mortgage Could Save Money By Refinancing\u2013But Few Are Taking the Plunge"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>The share of homeowners who are \u201cin the money\u201d for a refinance has hit its highest level in over four years as mortgage rates dip to around 6%.\u00a0<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>But less than 1 in 10 eligible homeowners have refinanced, even though they stand to save money.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">One in five (19.8%) U.S. homeowners with a mortgage could save money by refinancing to a lower rate, the highest share in over four years and up from just 7% a year ago.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s based on a 6.08% mortgage rate, the average so far this year. A homeowner is \u201cin the money\u201d\u2013meaning they could save money by refinancing\u2013if their current mortgage rate is at least 50 basis points above the prevailing mortgage rate; for instance, if they have a 6.5% mortgage rate and the prevailing rate is 6%.\u00a0<\/span><\/p>\n<div id=\"datawrapper-vis-DTeQw\" style=\"min-height: 440px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/DTeQw\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-DTeQw\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/DTeQw\/full.png\" alt=\"20% of Homeowners Could Benefit From Refinancing (Line chart)\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This is according to a Redfin analysis of homeowners who could benefit from refinancing because current mortgage rates are lower than the rate on their existing loan. Throughout this report, when we refer to the share of \u201chomeowners\u201d who are in the money for a refinance, we mean the share of U.S. mortgage debt that is in the money to refinance. The portion of those loans that were actually refinanced (i.e. the take-up rate) is also a portion of all \u201cin-the-money\u201d U.S. mortgage debt. The current refinance take-up rate covers the first quarter of 2026, using an extrapolated estimation. Please see the end of this report for more on methodology.\u00a0<\/span><\/p>\n<p><b>There are two main reasons more homeowners are in the money for a refinance this year:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mortgage rates dropped down to <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">6%<\/span><\/a><span style=\"font-weight: 400;\"> in February and early March, the lowest level in three and a half years.\u00a0 <\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mortgage rates were elevated above 6% for so long that 21.2% of U.S. homeowners <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rates-q3-2025\/\"><span style=\"font-weight: 400;\">had a rate above 6%<\/span><\/a><span style=\"font-weight: 400;\"> as of the third quarter of 2025, the highest share in a decade. That marks the first time in five years more borrowers have a rate above 6% than below 3%.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Say someone bought a $500,000 home in October 2023, when rates hit a 20-year high of <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">7.8%<\/span><\/a><span style=\"font-weight: 400;\">. Their monthly mortgage payment would be about <\/span><a href=\"https:\/\/www.redfin.com\/mortgage-calculator\"><span style=\"font-weight: 400;\">$3,700<\/span><\/a><span style=\"font-weight: 400;\">, assuming a 20% down payment. Refinancing to a 6% rate would bring the payment down to about $3,200, saving $500 per month. If the homeowner <\/span><a href=\"https:\/\/www.rocketmortgage.com\/learn\/cost-to-refinance\"><span style=\"font-weight: 400;\">pays $10,000 in refinance fees<\/span><\/a><span style=\"font-weight: 400;\">, it would take less than two years\u201320 months\u2013for the monthly savings to pay for the fees. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The last time this many homeowners were in the money for a refinance was the end of 2021, when mortgage rates averaged 3.08% and roughly two in five (39.4%) would have benefited from refinancing. The in-the-money share peaked at nearly 70% at the end of 2020, when mortgage rates plummeted to 2.76% during the pandemic.\u00a0<\/span><\/p>\n<p><b>Despite Potential Savings, Just 9% of Eligible Borrowers Have Refinanced<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Just 9.1% of homeowners who could save money by refinancing to today\u2019s average rate (6.08%) have actually done so, as of the first quarter of this year. That\u2019s the lowest<\/span> <span style=\"font-weight: 400;\">\u201ctake-up rate\u201d for homeowners who could benefit from refinancing since the beginning of 2020.\u00a0<\/span><\/p>\n<div id=\"datawrapper-vis-GBL78\" style=\"min-height: 440px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/GBL78\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-GBL78\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/GBL78\/full.png\" alt=\"Refi Take-Up Rate Is Less Than 10% (Line chart)\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Zooming out to <\/span><i><span style=\"font-weight: 400;\">all <\/span><\/i><span style=\"font-weight: 400;\">mortgaged homeowners in the U.S., 1.8% have refinanced so far in the first quarter.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cFor homeowners who are in the money, refinancing now could meaningfully lower monthly payments and total interest costs over the life of the home loan,\u201d said Bill Banfield, chief business officer at Rocket. \u201cEven a modest rate reduction can add up to big savings, helping free up cash, build equity faster, or better weather future financial uncertainty. Homeowners may also consider whether refinancing could have advantages other than putting money back in their pocketbooks every month. For instance, they could consider<\/span><a href=\"https:\/\/www.rocketmortgage.com\/home-loans\/refinance-cash-out\"> <span style=\"font-weight: 400;\">consolidating debt<\/span><\/a><span style=\"font-weight: 400;\"> or changing their<\/span><a href=\"https:\/\/www.rocketmortgage.com\/home-loans\/adjustable-rate-mortgage\"> <span style=\"font-weight: 400;\">loan type<\/span><\/a><span style=\"font-weight: 400;\">. Some people take advantage of lower rates to change the length of their loan and pay it off<\/span><a href=\"https:\/\/www.rocketmortgage.com\/learn\/pay-off-mortgage-early\"> <span style=\"font-weight: 400;\">faster<\/span><\/a><span style=\"font-weight: 400;\"> while keeping essentially the same monthly payment.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While refinancing to a lower rate could save money in the long run for many homeowners, there are several reasons so few people are actually doing it:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Waiting for lower rates. <\/b><span style=\"font-weight: 400;\">Mortgage rates can shift quickly; people may be hesitant to lock in a rate if they think rates will dip further in the near future, even if they could save money now. But homeowners should also consider that rates could go back up, and that they can refinance again if rates fall significantly more.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Limited awareness. <\/b><span style=\"font-weight: 400;\">Not all borrowers regularly review mortgage options; many may simply be unaware they could save. Homeowners can save money by paying attention to <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">changes in mortgage rates<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Closing costs and fees. <\/b><span style=\"font-weight: 400;\">While refinancing costs can seem large on paper, many homeowners will be able to pay them off quickly with the amount they\u2019re saving on interest every month.<\/span><b>\u00a0<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">When mortgage rates were sitting at record lows during the pandemic, dipping below 3% for much of 2020 and 2021, the take-up rate hovered around 1 in 10 eligible borrowers per quarter. The take-up rate peaked at 13.5% in the first quarter of 2021, when the average rate was 2.88%. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today\u2019s take-up rate is similar to what it was during each individual quarter of 2020 and 2021. But looking at those eight quarters <\/span><i><span style=\"font-weight: 400;\">together<\/span><\/i><span style=\"font-weight: 400;\">, more than half of in-the-money borrowers refinanced during that time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s also worth noting that the take-up rate jumped to 38% in the fourth quarter of 2023, when rates were at a two-decade high. That\u2019s because just 1.3% of homeowners were in the money for a refi; the actual number of homeowners who refinanced is much lower than the 38% suggests.\u00a0<\/span><\/p>\n<p><b>Homeowners Left Massive Amounts of Potential Savings Untapped<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Americans refinanced an estimated $223 billion worth of home loans in the first quarter.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But they <\/span><i><span style=\"font-weight: 400;\">could <\/span><\/i><span style=\"font-weight: 400;\">have refinanced $2.24 trillion worth of home loans. That $2.24 trillion represents the total loan value of the 90.9% of in-the-money homeowners who <\/span><i><span style=\"font-weight: 400;\">didn\u2019t <\/span><\/i><span style=\"font-weight: 400;\">refinance.\u00a0<\/span><\/p>\n<p><b>Methodology<\/b><\/p>\n<p><span style=\"font-weight: 400;\">This is from a Redfin analysis of homeowners who could benefit from refinancing because current mortgage rates are lower than the rate on their existing loan. Throughout this report, when we refer to the share of \u201chomeowners\u201d who are in the money for a refinance, we mean the share of U.S. mortgage debt that is in the money to refinance. The portion of those loans that were actually refinanced (i.e. the take-up rate) is also a portion of all in-the-money U.S. mortgage debt. Rate distribution and unpaid mortgage balance data is as of the third quarter of 2025, the most recent data available, while values for the fourth quarter of 2025 and the first quarter of 2026 are derived using linear extrapolation based on the trend from Q4 2023-Q3 2025. Refinance volume data is available through the fourth quarter of 2025; refinance volume for the first quarter of 2026 is from a Fannie Mae housing forecast.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage-rate data is based on average 30-year fixed mortgage rates from Federal Reserve economic data. Mortgage-rate distribution and total unpaid mortgage balance data is from the Federal Housing Financing Agency\u2019s National Mortgage Database.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The percentage of mortgages that are in the money is calculated using a uniform distribution assumption within each rate bucket. The mortgage rate distribution data provides five buckets: 6.0% &#8211; 8.0%, 5.0% &#8211; 5.9%, 4.0% &#8211; 4.9%, 3.0% &#8211; 3.9%, and 2.5% &#8211; 2.9%. To calculate the in-the-money percentage, we:\u00a0 1) Determine the threshold rate (30-year rate + 0.5%),\u00a0 and 2) Identify which rate buckets are entirely above, entirely below, or partially intersect the threshold. For buckets entirely above the threshold, we added 100% of mortgages in that bucket to the in-the-money total. For buckets partially intersecting, we used uniform distribution to calculate the proportion above the threshold. Buckets entirely below are excluded from the calculation.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The share of homeowners who are \u201cin the money\u201d for a refinance has hit its highest level in over four years as mortgage rates dip to around 6%.\u00a0 But less than 1 in 10 eligible homeowners have refinanced, even though they stand to save money. One in five (19.8%) U.S. homeowners with a mortgage could [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":84335,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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