Lenders made 951,304 cash-out refinance loans in the 50 states and D.C. in 2025, according to Home Mortgage Disclosure Act data. That was 23.8% more than the 768,158 made in 2024. The loans totaled $265.4 billion, an average of $279,009 per loan.
In a cash-out refinance, the borrower takes a new mortgage that is larger than the one it pays off and keeps the difference in cash. It turns home equity into money, but it replaces the old loan with a new one and raises the balance owed.
Oregon had the largest increase from 2024, 38.7%, followed by Alaska (37.9%) and Washington (34.6%). The average loan was largest in the District of Columbia ($620,306) and smallest in West Virginia ($170,515). California had the most loans, 104,368.
By state
| State | Cash-out refinances, 2025 | 2024 | Change | Total borrowed, 2025 | Average loan, 2025 |
|---|---|---|---|---|---|
| California | 104,368 | 81,736 | +27.7% | $45.39B | $434,880 |
| Florida | 68,738 | 62,762 | +9.5% | $20.06B | $291,795 |
| Texas | 58,657 | 49,132 | +19.4% | $14.30B | $243,822 |
| Ohio | 39,554 | 32,431 | +22.0% | $8.14B | $205,890 |
| Georgia | 38,650 | 34,197 | +13.0% | $9.71B | $251,358 |
| North Carolina | 36,649 | 28,990 | +26.4% | $9.25B | $252,417 |
| Michigan | 35,578 | 28,518 | +24.8% | $7.64B | $214,633 |
| Pennsylvania | 33,912 | 27,586 | +22.9% | $7.03B | $207,291 |
| New York | 30,694 | 24,033 | +27.7% | $14.38B | $468,432 |
| Illinois | 30,549 | 22,846 | +33.7% | $7.82B | $256,099 |
| New Jersey | 30,380 | 22,630 | +34.2% | $9.89B | $325,456 |
| Virginia | 28,965 | 22,530 | +28.6% | $7.48B | $258,072 |
| Indiana | 28,714 | 23,512 | +22.1% | $5.05B | $175,754 |
| Tennessee | 28,011 | 23,835 | +17.5% | $6.84B | $244,116 |
| Arizona | 27,297 | 22,513 | +21.2% | $7.70B | $282,046 |
| Washington | 23,431 | 17,402 | +34.6% | $7.91B | $337,428 |
| Wisconsin | 22,205 | 17,987 | +23.5% | $4.36B | $196,502 |
| Colorado | 21,559 | 17,435 | +23.7% | $6.59B | $305,759 |
| Maryland | 20,125 | 16,034 | +25.5% | $5.02B | $249,452 |
| South Carolina | 18,989 | 15,743 | +20.6% | $4.89B | $257,407 |
| Missouri | 18,826 | 15,086 | +24.8% | $3.82B | $202,998 |
| Massachusetts | 16,765 | 13,101 | +28.0% | $5.96B | $355,316 |
| Alabama | 15,370 | 12,337 | +24.6% | $3.22B | $209,813 |
| Kentucky | 13,189 | 10,519 | +25.4% | $2.58B | $195,484 |
| Minnesota | 12,751 | 9,838 | +29.6% | $3.09B | $241,952 |
| Oregon | 11,940 | 8,607 | +38.7% | $3.59B | $300,804 |
| Utah | 11,745 | 9,211 | +27.5% | $3.81B | $324,596 |
| Connecticut | 11,040 | 8,249 | +33.8% | $3.66B | $331,112 |
| Nevada | 10,899 | 8,512 | +28.0% | $2.98B | $273,765 |
| Oklahoma | 9,345 | 7,291 | +28.2% | $1.72B | $183,799 |
| Idaho | 9,283 | 7,202 | +28.9% | $2.29B | $247,132 |
| Louisiana | 7,449 | 6,107 | +22.0% | $1.44B | $193,115 |
| Kansas | 7,421 | 6,181 | +20.1% | $1.40B | $188,518 |
| Arkansas | 7,356 | 5,689 | +29.3% | $1.49B | $202,504 |
| Iowa | 7,136 | 5,705 | +25.1% | $1.31B | $183,033 |
| New Mexico | 5,930 | 4,729 | +25.4% | $1.27B | $214,125 |
| New Hampshire | 5,403 | 4,091 | +32.1% | $1.51B | $278,879 |
| Mississippi | 5,343 | 4,498 | +18.8% | $0.99B | $185,045 |
| Maine | 5,231 | 4,253 | +23.0% | $1.24B | $236,113 |
| Nebraska | 5,048 | 3,881 | +30.1% | $1.03B | $204,806 |
| West Virginia | 4,042 | 3,325 | +21.6% | $0.69B | $170,515 |
| Delaware | 3,778 | 2,996 | +26.1% | $0.85B | $223,727 |
| Rhode Island | 3,735 | 2,965 | +26.0% | $1.23B | $330,181 |
| Montana | 3,399 | 2,581 | +31.7% | $1.03B | $304,156 |
| South Dakota | 2,211 | 1,807 | +22.4% | $0.48B | $216,389 |
| Hawaii | 2,143 | 1,715 | +25.0% | $1.11B | $517,977 |
| Wyoming | 2,066 | 1,620 | +27.5% | $0.50B | $243,354 |
| Alaska | 1,606 | 1,165 | +37.9% | $0.39B | $241,731 |
| Vermont | 1,463 | 1,103 | +32.6% | $0.35B | $237,768 |
| North Dakota | 1,273 | 1,054 | +20.8% | $0.29B | $225,762 |
| District of Columbia | 1,093 | 888 | +23.1% | $0.68B | $620,306 |
50 states and D.C., sorted by 2025 loans. Counts are originated loans (action taken "loan originated") with loan purpose "cash-out refinancing". HMDA reports each loan amount at the midpoint of its $10,000 band, so totals and averages are close approximations. The change and average columns are our calculations.
What the data cover
HMDA covers most mortgage lending in the U.S., but lenders below certain size and volume thresholds do not report, so the true number of cash-out refinances is somewhat higher. Loans are counted in the state where the property is. The data include loans for second homes and investment properties as well as primary residences.
Source
Consumer Financial Protection Bureau and Federal Financial Institutions Examination Council, Home Mortgage Disclosure Act data, 2024 and 2025, queried through the HMDA Data Browser API on October 28, 2026 (action taken 1, loan purpose 32). U.S. government data in the public domain. Our table is available under CC BY 4.0. Credit "My Credit Guide (mycreditguide.org)".
Steven Reynolds, "Cash-Out Refinances by State," My Credit Guide, October 28, 2026, https://mycreditguide.org/data/cash-out-refinances-by-state/.