Construction Coverage just released the newest edition of its U.S. Cities With the Most Mortgage Refinances report, with data specific to the New York-Newark-Jersey City, NY-NJ metro.
While mortgage refinances declined nationally by nearly 70% in 2022 and another 61% in 2023, the proportion of households that refinance their mortgage varies considerably across the country. Researchers ranked locations according to the number of mortgage refinances originated in 2023—the latest data available—per 1,000 households with a mortgage.
Key Takeaways, With Data for New York-Newark-Jersey City, NY-NJ
- NY metro sees 7th fewest mortgage refinances: Last year, the NY metro saw 12.4 mortgage refinances per 1,000 households with a mortgage—the 7th fewest of any large U.S. metro. In the U.S. overall, there were 16.3 mortgage refinances originated per 1,000 households with mortgages in 2023.
- Cash-out refinances more common: Driven by a historic runup in home sale value during COVID, the majority of the nation’s mortgage refinances in 2022 and 2023 were cash-out as homeowners looked to draw on their newfound home equity. In the NY metro last year, 56.1% of refinances were cash-out.
- Most NY metro applications were approved: 70.0% of the mortgage refinance applications submitted in the NY metro last year were approved, with a median loan amount of $255,000.
You can read the full study, including all sources, here.
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