Which Lenders Dominate the ARM Rate and Term Refinance Market?

An Adjustable-Rate Mortgage (ARM) is a home loan where the interest rate is fixed for an initial period (e.g., 5 years) before adjusting periodically based on market indices plus a margin.

In the 2024 ARM rate/term refinance segment (25,596 loans, $20.2B), depositories like U.S. Bank (9.04% share by count of loans) and Bank of America dominate as they benefit from integrated systems for quick approvals, capacity to hold loans on balance sheets, and trust-based relationships that reduce churn. Non-depositories like Rocket Mortgage and UWM rank lower. This concentration reflects depositories' scale in serving affluent borrowers with ARMs. Had we have ranked this list by dollar volume, we would have seen

This top 10 list highlights the importance of a robust retention strategy to recapture their own customers with maturing ARMs. For originators, it identifies the key competitors and underscores the need for sophisticated pricing, data-driven marketing, and efficient operations to capture this business. The concentration of volume within the top 10 suggests that success requires a dedicated focus, and having this leaderboard is a useful and practical benchmark for any lender assessing their performance or planning to enter the ARM refinance space.