Refinancing Could Save You $54k [New LendingTree Report]

Homeowners could be leaving tens of thousands on the table. Refinancing at today’s best rates could save more than $50,000 over the life of a typical mortgage. The team at LendingTree analyzed two years of refinance inquiries for 30-year fixed-rate loans on our marketplace. Our new report shows how much borrowers stand to save and where refinancing activity is rising and falling across the 50 largest metros. Here’s what we found. Refinancing could save you more than $50,000. On a $328,856 mortgage, dropping from last year’s 7.20% rate to today’s 6.51% could cut $151 a month — and save about $54,000 over 30 years. U.S. homeowners hold a record $35.8 trillion in home equity. Over the past year, 70% of refinance inquiries were cash-out refis, 28% were rate-and-term, and just 1% fell into other categories. Refinance inquiries dropped 7.5% year over year as of Sept. 2025. Only Charlotte (+4.6%), Memphis (+4.1%), and Las Vegas (+1.5%) bucked the trend, while Columbus (-25.9%), Cincinnati (-23.6%), and San Jose (-21.5%) saw the steepest declines. Average refinance amounts slipped 1.7% to $294,982. Nineteen major metros saw refinance request amounts rise — led by Richmond (+5.9%), Birmingham (+4.0%), and Cincinnati (+3.0%) — while Austin and Grand Rapids (-5.3%) and Jacksonville and Tampa (-4.8%) saw the biggest drops. Cash-out refis often raise monthly payments — even when rates drop. In September 2025, the average cash-out amount was $96,805 with a 6.49% rate, down from 7.20% in 2023. But with bigger loan balances, most borrowers will still pay more each month. You can check out the full report here: https://www.lendingtree.com/home/mortgage/refinance-savings-study/