Originally published by construction converge.
Refinancing a mortgage can help reduce monthly payments or provide some much-needed liquidity, but the proportion of households that refinance their mortgage varies considerably across the country.
These are the key takeaways from the report for Maryland:
- In 2022, there were 35.2 mortgage refinances approved per 1,000 Maryland households with mortgages.
- The mortgage refinance approval rate in Maryland was 75.8% for a median loan amount of $235,000.
- Meanwhile, in the U.S. overall, there were 42.1 mortgage refinances approved per 1,000 households with mortgages. The national average approval rate was 78.2% for a median of $205,000.
- Overall, Maryland had the 15th fewest mortgage refinances last year
| Bottom States | Refinances* |
|---|---|
| 1. Alaska | 26.0 |
| 2. North Dakota | 28.4 |
| 3. Illinois | 29.3 |
| 4. West Virginia | 29.9 |
| 5. Oklahoma | 30.9 |
| 6. Kansas | 31.5 |
| 7. Louisiana | 32.0 |
| 8. New Mexico | 32.3 |
| 9. New York | 32.7 |
| 10. Virginia | 33.5 |
| 11. Nebraska | 34.2 |
| 12. Minnesota | 34.5 |
| 13. South Dakota | 34.8 |
| 14. Wyoming | 34.9 |
| 15. Maryland | 35.2 |
