Mortgage refinance comeback: United Wholesale Mortgage’s refi volume jumps 387% from cycle low

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After taking a big macro hit during the 2022 rate-shock, United Wholesale Mortgage’s (UWM) refinance volume has found its footing—and keeps climbing:

• 2020: $140B
• 2021: $139B
• 2022: $36B
• 2023: $14B (cycle low)
• 2024: $43B
• 2025: $70B

That’s a +387% increase in UWM’s refi volume since its 2023 cycle low.