2025 Cash-Out Refi LLPA Heatmap

Loan Pricing

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Data Points

CLTV Range 0% to 30 30.01% to 60 60.01% to 70 70.01% to 75 75.01% to 80 Credit Score Range 0% to 30 30.01% to 60 60.01% to 70 70.01% to 75 75.01% to 80 Total 639 and lower 1% 3% 1% 0% 1% 6% 640 to < 660 1% 4% 1% 0% 1% 7% 660 to < 680 1% 4% 2% 1% 1% 9% 680 to < 700 1% 5% 2% 1% 1% 10% 700 to < 720 1% 5% 2% 1% 2% 11% 720 to < 740 1% 5% 2% 1% 2% 12% 740 to < 760 2% 5% 3% 1% 2% 12% 760 to < 780 2% 5% 2% 1% 1% 12% 780 and greater 4% 9% 3% 2% 2% 20% Total 14% 46% 19% 9% 11% 100%

Date Published:

October 29, 2025

Date Updated:

October 29, 2025

Chart type:

Table

Suggested Citation:

Polygon Research. "Fixed Rate Conventional Cashout Refinance Originations Concentration Heatmap 2025 YTD". Polygon Pulse – MBS Pivot. Accessed October 29, 2025. Filters: 2025 YTD through September, Cash-Out Refinance, Fixed Rate, Conventional Loans (excluding HFA, HomeReady/HomePossible, Rural, HUD Section 184), Sold to Fannie Mae and Freddie Mac.

Key Insight and Commentary

This heatmap illustrates the distribution of 2025 year-to-date fixed-rate conventional cash-out refinance originations, segmented by borrower credit score ranges (rows) and combined loan-to-value (CLTV) ratios (columns) in an LLPA-style matrix. Percentages represent the share of total originations in each cell, with color intensity from light yellow (low) to dark orange (high) highlighting concentrations.

Vertically, higher credit scores dominate: borrowers with 780+ scores comprise 20% of total volume, followed by 760-780 and 740-760 at 12% each.

Deeper breakdowns show patterns: for top-tier credit (780+), 9% concentrates in 30-60% CLTV, balancing liquidity needs with equity preservation. Mid-credit (700-740) spreads evenly across CLTVs but peaks at 5% in lower ranges. Low-credit segments cluster in safer, lower CLTVs (e.g., 3-4% in 30-60% for 639-680), underscoring lender caution amid rising rates and economic uncertainty.

Overall, this reveals a market skewed toward prime borrowers tapping equity conservatively, potentially signaling stable but selective refi demand.

If you are curious about adjustable rate cash-out refi segment, check out this chart that ranks the top 10 lenders.

From Analysis to Action

This analysis provides a clear blueprint for how to uncover meaningful market dynamics. Its true power is unleashed when you apply this same methodology to your own local markets. Because all real estate is local, this granular approach is essential for crafting precise strategies that effectively address the unique conditions of each community.

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