Overview

• Total lending reached 1.76 million loans and $601.7 billion in Q2 2025, up 19.4% from Q1 and 6.3% year over year, marking the first Q2 annual increase since 2021.
• Refinances rose to 689,217 loans and $232.8 billion, increasing 16.4% quarter over quarter and 23.8% year over year, with refis comprising 39.3% of originations versus 40.3% in Q1.
• Purchase lending totaled about 758,000 loans, climbing 23.7% from Q1 but slipping 5.3% from a year earlier, as high prices and affordability pressures persisted; Redfin reported a record July median sale price of $434,189.
• Home-equity lines of credit increased to 307,046 loans and $59.9 billion, though their market share edged down to 17.5%; FHA originations rose to 250,683 (14.3% share) and VA loans to 100,628 (5.7%).
• Activity increased quarter over quarter in 201 of 212 metros, led by Indianapolis (+70.8%), San Jose, Rochester, Boston, and Buffalo, while North Port–Sarasota and Myrtle Beach declined; refi gains were strongest in Boston (+91.6%), with Salt Lake City and Miami showing little change.