Refinance Pricing Analysis by Lender Type: 2024 Conventional Loans

This pricing analysis plots the median interest rate against the median loan amount for conventional rate/term refinance loans originated in 2024 with rates of 6.5% or higher. The size of each bubble indicates the loan volume for that lender segment. The benchmark market-wide median interest rate for these comparable loans is 6.85%.

The data shows a clear segmentation of the market based on loan size. IMBs command the largest market share by focusing on originating the highest median loan amounts, averaging approximately $345,000. Their corresponding median interest rate is positioned competitively just below the market median, indicating a strategy centered on capturing larger, high-quality conventional loans.

In contrast, credit unions serve a distinct niche with the market’s smallest median loan sizes, around $260,000. Commensurate with this focus, they offer aggressive pricing, with a median interest rate also falling below the market average, which is consistent with a member-centric business model.

Banks operate in the middle ground, with median loan sizes larger than credit unions but smaller than independents, and pricing that aligns closely with the overall market median.