2025 Refinance Market Share Top Lenders

The agency rate-and-term refinance market is heavily concentrated at the top. Through July 2025, the top 5 lenders captured a staggering 51.9% of the market share by loan count. When expanded to the top 10 lenders, this control grows to 66.6% of all agency rate-and-term refinance loans. This leaves the remaining one-third of the market to be fiercely contested by a fragmented group of over 1,170 other lenders, highlighting a significant scale and market power advantage for the largest institutions.

For large lenders, this chart validates their market dominance and underscores the importance of maintaining scale, brand recognition, and technological efficiency to defend their share. It serves as a benchmark for measuring performance against their primary, large-scale competitors.

For mid-size and small lenders, the data presents a stark reality: directly competing with the top 10 on volume and price is a losing battle. Success hinges on differentiation. Leverage our data to pivot your strategy toward niche markets where you have a competitive edge. Focus on specific geographic areas, develop expertise in specialized loan products, or offer a superior, high-touch customer service experience that larger, automated lenders cannot easily replicate. Focus on building a loyal customer base in underserved or specialized segments.