Of the 40 states and the District of Columbia where we are licensed, Idaho had the largest share of cash-out refinances in 2025: about 57.9 of every 100 refinance loans originated there took cash out, against about 47.8 nationally. Florida (57.7) and Alaska (57.2) come next. Mississippi (32.5) and Hawaii (34.7) are the smallest two. New Jersey is sixth, at about 51.9. The study is written for homeowners weighing how to borrow against their equity.
What the data covers, and what it does not
HMDA, the Home Mortgage Disclosure Act, requires covered lenders to report their mortgage loans to the federal government. The Consumer Financial Protection Bureau publishes the result. It is a count of every reported loan, not a sample, so there are no margins of error. It has limits:
- Lenders that report. A lender reports when it meets the size tests in Regulation C. One test is at least 25 closed-end mortgage loans in each of the two preceding calendar years. Loans from lenders below the tests are not here.
- Purpose is as reported. The lender records each refinance as a refinancing or a cash-out refinancing.
- Not every cash-out loan is a new first mortgage. Nationally, about 34.6 in every 100 loans reported as cash-out refinancing were something else: about 20.8 were closed-end second liens and about 11.6 were lines of credit, with the rest reverse mortgages or reported as exempt. Counting closed-end first mortgages alone, the national figure is about 46.4 and New Jersey is fifth, at about 51.8.
- It does not say why. The data have no field for how the cash was used. It also does not look at who the borrower was.
The table: 40 states and the District of Columbia
The second column counts cash-out refinance loans in every 100 refinance loans originated in the state in 2025. The fourth column is the median combined loan-to-value ratio of those cash-out loans: all the debt secured by the home against its value, out of 100.
| State | Cash-out loans per 100 refinance loans | Cash-out refinance loans | Median combined loan-to-value, out of 100 |
|---|---|---|---|
| Idaho | 57.9 | 9,283 | 65.0 |
| Florida | 57.7 | 68,738 | 66.9 |
| Alaska | 57.2 | 1,606 | 70.0 |
| Nevada | 54.6 | 10,899 | 67.1 |
| New Mexico | 54.0 | 5,930 | 70.0 |
| New Jersey | 51.9 | 30,380 | 65.0 |
| Indiana | 51.8 | 28,714 | 70.0 |
| Georgia | 51.5 | 38,650 | 70.0 |
| South Carolina | 50.9 | 18,989 | 69.7 |
| California | 50.6 | 104,368 | 61.4 |
| Tennessee | 50.5 | 28,011 | 68.6 |
| Maryland | 50.4 | 20,125 | 70.8 |
| Connecticut | 50.2 | 11,040 | 68.0 |
| Arizona | 49.4 | 27,297 | 67.0 |
| Michigan | 49.2 | 35,578 | 69.3 |
| Oregon | 48.2 | 11,940 | 66.0 |
| Delaware | 47.8 | 3,778 | 70.4 |
| Virginia | 47.7 | 28,965 | 70.0 |
| Ohio | 47.3 | 39,554 | 70.0 |
| Montana | 47.2 | 3,399 | 64.0 |
| Texas | 47.1 | 58,657 | 66.4 |
| Alabama | 46.4 | 15,370 | 73.9 |
| New Hampshire | 46.4 | 5,403 | 64.0 |
| Oklahoma | 45.9 | 9,345 | 73.5 |
| Illinois | 45.0 | 30,549 | 70.0 |
| Colorado | 44.9 | 21,559 | 66.0 |
| North Carolina | 44.7 | 36,649 | 69.0 |
| Kentucky | 44.1 | 13,189 | 70.9 |
| Wisconsin | 43.6 | 22,205 | 66.8 |
| Washington | 43.3 | 23,431 | 65.0 |
| Kansas | 43.0 | 7,421 | 71.4 |
| Minnesota | 42.8 | 12,751 | 69.2 |
| Pennsylvania | 42.8 | 33,912 | 70.0 |
| District of Columbia | 42.5 | 1,093 | 65.0 |
| Arkansas | 41.8 | 7,356 | 71.9 |
| Massachusetts | 39.2 | 16,765 | 63.2 |
| Utah | 38.0 | 11,745 | 66.0 |
| Louisiana | 37.8 | 7,449 | 74.3 |
| Iowa | 36.4 | 7,136 | 73.5 |
| Hawaii | 34.7 | 2,143 | 61.4 |
| Mississippi | 32.5 | 5,343 | 74.0 |
| United States, national figure | 47.8 | 951,304 | 68.0 |
Source: Consumer Financial Protection Bureau, HMDA Data Browser, 2025 data, read November 10 and 11, 2026. Ratios and medians worked out by Fidelity Residential.
What the table shows
- The nation. 951,304 of 1,992,093 refinance loans originated in 2025 were cash-out refinances, about 47.8 in every 100. 17 of the 40 states and the District of Columbia are above that figure and 24 are below it.
- Counts. California has the most cash-out refinance loans, 104,368, then Florida with 68,738 and Texas with 58,657.
- New Jersey has 30,380 cash-out refinance loans, sixth by ratio, and a median combined loan-to-value of about 65.0.
- How far owners borrowed. Half of the cash-out loans with a reported ratio left total debt on the home at or below about 68 dollars for every 100 dollars of its value. Louisiana (74.3) and Mississippi (74.0) are highest in that column; California and Hawaii are smallest, at about 61.4. About 4 in every 100 cash-out loans have no numeric ratio and are left out of that column.
How we did this
- Dataset: CFPB HMDA Data Browser, 2025 data, loans originated (action taken 1).
- Counts: refinance loans originated, loan purpose 31 (refinancing) and 32 (cash-out refinancing), all occupancy types and liens, per state, from the Browser’s aggregation report.
- Formula: cash-out refinance loans divided by refinance loans, times 100. The national figure sums all states and the District of Columbia.
- Ratio column: the median combined loan-to-value ratio of the cash-out loans with a numeric ratio, from each state’s downloaded file.
- Check: in every state, the downloaded file holds the same number of loans and the same total loan amount as the aggregation report, and the counts match a separate download made on November 10, 2026.
Open data. The table may be cited with credit to Fidelity Residential and a link to fidresi.com/insights/cash-out-refinances-by-state/.
If you are weighing a cash-out refinance
The table says nothing about any loan we offer. Our cash-out refinance page puts it this way: “A cash-out refinance replaces your mortgage with one new, larger mortgage and pays you the difference at closing.” Our home equity line page puts it this way: “A home equity line of credit (HELOC) is a revolving line you borrow against as you need it, up to a limit set from the equity in your home.” Loan programs differ from state to state, and the states in this table are where we are licensed, which says nothing about any one program.
Frequently asked questions
Why does the table show 40 states and the District of Columbia?
Fidelity Residential is licensed in 40 states and the District of Columbia, and the table covers those.
Is every cash-out loan here a new first mortgage?
No. The coverage section above gives the split and the figure for closed-end first mortgages alone.
Why is there no margin of error?
HMDA is a report of loans by the lenders that file, not a survey sample, so each figure is a count.
Sources
- Consumer Financial Protection Bureau, FFIEC, HMDA Data Browser API documentation (opens in a new tab), accessed November 11, 2026.
- Consumer Financial Protection Bureau, FFIEC, HMDA Data Browser, 2025 data (refinance and cash-out refinance loans originated, by state) (opens in a new tab), accessed November 11, 2026.
- Consumer Financial Protection Bureau, FFIEC, HMDA loan/application register (LAR) data fields: loan_purpose, action_taken, lien_status, open-end_line_of_credit, reverse_mortgage, combined loan-to-value ratio (opens in a new tab), accessed November 11, 2026.
- Consumer Financial Protection Bureau, Regulation C, 12 CFR 1003.2 (definitions, including financial institution) (opens in a new tab), accessed November 10, 2026.
Facts from these sources are stated in our own words. Last reviewed .
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