Financial research concept

Mortgage Refinance Market Share

estimates an originator's share of U.S. mortgage production used to refinance existing mortgages.

By Lee BaileyPublished Sep 26, 2026

Research context

See what supports this page, how current it is, and where comparable or historical context is available.

Research date: Sep 26, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context: 17 connected conceptsPart of the reviewed Mortgage Origination & Servicing Economics; issuer definitions remain distinct where disclosed.
Company examples: 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.

Rocket Companies example
Rate sensitivity
Comparison boundary
Part of the Mortgage Origination & Servicing Economics
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mortgage refinance market share estimates an originator's share of U.S. mortgage production used to refinance existing mortgages.

Rocket Companies example

Rocket Companies reported 12.1% refinance market share for 2025.

Rate sensitivity

Refinance demand can change quickly when mortgage rates move enough to create savings or when borrowers extract equity or alter loan terms. An originator's refinance share therefore measures competitive capture within a market whose total size can be highly cyclical.

Comparison boundary

Refinance market share is not the percentage of the servicing book that refinanced, the client recapture rate, or the share of company originations that were refinances. Those are different denominators and answer different questions.

Primary source: Rocket Companies 2025 Form 10-K.

Part of the Mortgage Origination & Servicing Economics

Connect rate-lock conversion, channel production and market capture, gain-on-sale economics, servicing retention, servicing-platform scale, mortgage servicing rights valuation, delinquency, and client retention.

Browse the full operating model in Company Analysis →

Where this concept fits

Channel mix and mortgage-market captureCurrent relationship
Direct-to-consumer and Partner Network production split funded originations by acquisition channel, while purchase and refinance market shares show competitive capture within two mortgage markets that can have very different rate and housing-cycle sensitivity.
Closed Loan Origination Volume Direct-to-Consumer Origination Volume Partner Network Origination Volume Purchase Market ShareRefinance Market ShareCurrent concept
Rate locks, closings, and gain-on-sale economics
Net rate lock volume is the fallout-adjusted locked pipeline, closed-loan volume is funded production, gain-on-sale margin connects loan-sale economics to the lock denominator, and servicing-retained mix determines how much production also creates continuing servicing exposure.
Closed Loan Origination Volume Gain-on-Sale Margin Net Rate Lock Volume Servicing-Retained Production Mix
Servicing scale, MSR value, and portfolio durability
Total serviced UPB and loan count measure platform scale; owned-MSR UPB and subserviced UPB separate economic ownership from servicing workload; average loan amount links balance and account scale; MSR fair value and its multiple frame valuation; and delinquency plus client retention show portfolio servicing burden and relationship durability.
MSR Fair Value MSR Fair Value Multiple MSR Serviced UPB Net Client Retention Rate Servicing Average Loan Amount Servicing Delinquency Rate Subserviced UPB Total Loans Serviced Total Serviced UPB

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

RKTOpen operating-model research →17 of 17 reviewed concepts in Mortgage Origination & Servicing EconomicsChannel mix and mortgage-market capture5 of 5 bridge concepts supportedContinue through this bridge:Closed Loan Origination Volume Direct-to-Consumer Origination Volume Partner Network Origination Volume Purchase Market Share

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