Where Are Homeowners Refinancing the Most & Least?

LendingTree, America’s largest online lending marketplace, tells us that 75% of all refinance applications are being approved. Where one lives could make a difference in that approval/rejection process.

Places that have the right combination of home price appreciation (between 2012 and 2019) and good credit scores tend to be most successful per refinance applications.

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Here are the states with the highest and lowest refinance success rates, according to data utilizing 10M loan applications from over 5,000 lenders from the Federal Financial Institutions Examination Council’s Home Mortgage Disclosure Act:

States with the Highest Rates of Successful Refinance Applications

State                  Rate           Aver. Amount             Home Appreciation  2012-2019         

Utah                   82%          $248,151                    39%

ND                     81%          $192,419                    60%

MA                     79%          $302,486                    19%

MN                     79%          $207,420                    21%

IO                      79%          $155,541                    24%

CO                     78%          $281363                     58%

OR                    78%          $258,150                    39%

SD                     80%          $182,068                    32%

WA                    79%          $299,509                    37%

NB                     79%          $161506                     28%

All of the states with the highest rates of successful refinance applications have credit scores ranging from 741 to 752.

States with the Lowest Rates of Successful Refinance Application

 NM                    67%          $187,951                    8%

FL                      68%          $210,977                    35%

AL                      70%          $170,832                    21%
GA                     70%          $200,390                    21%

CT                     71%          $262,873                    -3%

DL                     71%          $211,903                    6%

OK                    71%          $162,039                    26%

NJ                    71%          $275,579                    7%

SC                     72%          $194,795                    24%

PA                      72%          $167,882                    13%

All of the states with the lowest rates of successful refinance applications have credit scores ranging from 719 to 743.

Thanks to New York Times contributor Michael Kolomatsk and the Federal Financial Institutions Examination Council for source material.

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