Mortgage refinance comeback: United Wholesale Mortgage’s refi volume jumps 387% from cycle low

Core Insights - United Wholesale Mortgage (UWM) has experienced a significant rebound in refinance volume, increasing by 387% from its cycle low in 2023 [1] - The average 30-year fixed mortgage rate has decreased to 5.98%, which is 1.81 basis points below its cycle high of 7.79% in October 2023, contributing to the refinance recovery [1] - UWM's purchase volume has remained stable between $90 billion and $96 billion over the past few years, despite a broader decline in U.S. existing home sales [1] Refinance Volume - UWM's refinance volume figures are as follows: - 2023: $14 billion (cycle low) - 2024: $43 billion - 2025: $70 billion - 2022: $36 billion - 2021: $139 billion - 2020: $140 billion - The 387% increase in refinance volume since the 2023 cycle low indicates a strong recovery trend [1] Purchase Volume Stability - UWM's purchase volume has shown resilience, maintaining a range of $90 billion to $96 billion, even as many smaller lenders reduced their activity or exited the market [1] - The stability in purchase volume is notable given the overall decline in U.S. existing home sales during 2022, highlighting UWM's competitive positioning in the wholesale channel [1] Market Share and Competitive Position - UWM is gaining refinance market share faster than most mortgage firms, indicating a strong competitive advantage in the current market environment [1] - The consolidation of volume towards larger, price-competitive players has allowed UWM to push forward effectively during the downturn [1]