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Refinancing is declining as mortgage rates have risen due to persistent inflation and strong job growth.
Eden Emerald Mortgages ranked the states most and least wanting to refinance by analyzing the number of times people in each state use search engines to type in terms related to lowering their mortgage rate.
New Mexico is the state least wanting to refinance, with 369.38 keyword searches per 100,000 population and 7,810 average monthly keyword searches.
New Hampshire is the state most wanting to refinance, with 674.84 keyword searches per 100,000 population and 9,462 average monthly keyword searches.
"When mortgage rates rise, the motivation to refinance decreases," Shaun Bettman, CEO of said in a release. "Homeowners with an existing mortgage at a lower rate would find it less beneficial to refinance into a higher-rate loan, as it would likely increase their monthly payments. Therefore, during periods of rising rates, the number of refinancing applications will drop."
Read more about the states most and least wanting to refinance.