ICE Mortgage Monitor
Data
Real Estate
- Source
- ICE Mortgage Technology
- Source Link
- https://mortgagetech.ice.com/
- Frequency
- Monthly
- Next Release(s)
- February 2nd, 2026 6:00 AM
Latest Updates
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Key findings from the December Mortgage Monitor include:
- Refinance retention hit a 3.5-year high, led by non-bank servicers. Refinance retention reached a 3.5-year high (28%) in Q3 2025, with servicers retaining more than half of borrowers refinancing out of 2024 vintage loans. Rate-and-term retention rose to 37%, one of the highest points in the past decade, while cash-out refinance retention rose to a more modest 23%, reflecting the challenge of identifying and retaining equity-seeking borrowers.
- Non-banks retained refinancing borrowers at roughly three times the rate of banks (35% versus 13%). Retention was highest among FHA and VA mortgages (36%), trailed by GSE (25%) and portfolio-held loans (23%) and privately securitized loans (6%).
- Rate-and-term refinances dominated activity as more borrowers move back “in the money”. Rate-and-term refinances accounted for 62% of all refinance activity in October, the highest share in nearly five years. An estimated 95% of rate-and-term refinances in September and October involved 2023–2025-era loans, with the average refinancer carrying a loan balance of $505,000 and a credit score around 762. On average, they reduced their mortgage rate by 0.92 percentage points, translating to an average monthly savings of about $200.
- Second-lien home equity withdrawals surged to 18-year high. Second-lien home equity loan (HEL) withdrawals climbed to their strongest level since 2007 in Q3 2025 as falling short-term rates made tapping equity more affordable. With millions of homeowners still locked into historically low first-lien rates, many are opting to access equity through HELs or HELOCs rather than refinancing their first mortgage.
- Home affordability is at its best levels in nearly 3 years, but remains stretched. In mid-November, mortgage rates averaged 6.25%, bringing the monthly principal and interest payment for a median-priced home to $2,126. That payment equals 29.7% of the median household income, the lowest since early 2023.