Agency Loan Purpose Mix by Count: 2025 YTD vs. 2024

This dual pie chart made with Polygon Pulse (MBS Pivot) data tracks agency loan purpose composition by count for full-year 2024 versus 2025 YTD (through November), highlighting a subtle yet telling rebalancing in U.S. conforming mortgage originations.

Decision-makers often wait for a massive "refinance boom" to pivot strategies, but the data in the pie chart, signals a more subtle, yet actionable shift in the 2025 YTD Loan Purpose Mix.

Comparing the loan count distribution between last year and the current year-to-date reveals a structural change. The Purchase share (typically the dominant slice) remains the baseline, but the Rate and Term Refinance segment has expanded. Unlike Cash-Out Refinances, which are driven by equity and lifestyle needs, this uptick in Rate/Term activity is purely mathematical and defensive. See our chart about quantifying the IRRRL opportunity and read more in our blog about finding the FHA streamline refinance opportunity.

While not a tsunami, this volume requires efficient processing. Ensure your operations can handle a higher mix of "easy" docs (rate/term) alongside the more complex purchase files without slowing down purchase turn times.