HELOC, Home Equity Loan and Refinance Interest Rates at Origination by State, 2025: An Analysis of HMDA Loan-Level Data

This note reports the interest rates at origination of home equity lines of credit (HELOCs), closed-end home equity loans and first-lien refinances in the United States in 2025, from the public Home Mortgage Disclosure Act (HMDA) 2025 Snapshot loan-level data released by the FFIEC and CFPB. We kept originated, consumer-purpose loans on owner-occupied one-to-four unit homes in the 50 states and DC, excluding reverse mortgages and home purchase loans. The median subordinate-lien HELOC opened at 7.50% (interquartile range 6.50 to 8.50%, n = 860,169), or 7.75% when lines with a 3 to 12 month introductory rate are left out. The median home equity loan closed at 8.50% (n = 456,729), rising with term from 6.75% at 5 years to 9.125% at 30 years. Cash-out refinances had a median of 6.50% (conventional 6.65%, FHA 6.25%, VA 6.125%) against 5.999% for rate-and-term refinances. Medians and quartiles are reported nationally and by combined loan-to-value ratio, loan size, term and state. Live study pages: https://lendermatch.io/heloc-rates/, https://lendermatch.io/home-equity-loan-rates/ and https://lendermatch.io/refinance-rates/ Data source: HMDA 2025 Snapshot National Loan-Level Dataset (FFIEC and CFPB), one loan-level CSV per state (50 states and DC) from the FFIEC HMDA Data Browser API: https://ffiec.cfpb.gov/v2/data-browser-api/view/csv?states={ST}&years=2025&actions_taken=1&loan_purposes=2,31,32,4,5 (retrieved October 27, 2026). Method: originated loans; principal residence, consumer purpose, 1 to 4 units, not reverse; loan purposes home improvement, refinance, cash-out refinance, other and not applicable. Rate = HMDA interest rate at origination; Exempt and NA excluded; rates outside 0.5% to 25% trimmed; percentiles by linear interpolation; cells under 30 loans suppressed. Files: paper.pdf (research note with method, tables, verification and limitations); HELOC, home equity loan and cash-out refinance rates by state (CSV); national distributions by CLTV, loan size, introductory period and term (CSV); DATA-DICTIONARY.md. Published by LenderMatch (lendermatch.io), a brand of LMK Media.