"Cash-out refinance volume rose 9% from February and 21% from March 2025, while rate-and-term refinance volume fell 34% month over month but remained more than 66% higher than a year ago."
"Purchase loans accounted for just over 71% of total volume in March, reflecting seasonal momentum as the spring homebuying season picked up."
"In a higher-rate environment, lenders have to be more deliberate about how they execute and where they find value, Vough said."
In March, cash-out refinance volume increased by 9% from February and 21% from March 2025, while rate-and-term refinance volume fell by 34% month over month. Refinance share accounted for 28% of total production, down from earlier in the year but still above 2025 levels. Purchase demand is strong, with purchase loans making up over 71% of total volume. The 30-year conforming fixed rate index rose to 6.35%, and mortgage servicing rights values increased as refinance expectations decreased.
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