RateZip Mortgage Demand Index
What mortgage borrowers are actually asking for. By Paul Knag , Founder, RateZip · Updated August 14, 2026
In July 2026, home-equity products - reverse mortgages and HELOCs - drew 100% of the equity-tapping mortgage inquiries in RateZip's lead flow, up from 72% in July 2025; traditional refinancing drew the rest. The demand didn't disappear - it rotated. Refinance inquiries are down 100% year over year while home-equity inquiries are up 117%: with mortgage rates where they are, refinancing a low-rate first lien rarely pencils, so homeowners who need their equity are reaching for the instruments that tap it without touching that first mortgage - reverse mortgages for owners 62 and up, HELOCs for the rest. Within the home-equity bucket, reverse is the larger driver (79% of all equity-tapping inquiries, from 50% a year earlier).
Home-equity share of demand
100%
reverse + HELOC · was 72% in July 2025
Home-equity inquiries, YoY
+117%
July 2026 vs July 2025
Refinance inquiries, YoY
−100%
July 2026 vs July 2025
Median reverse request
$91K
median requested amount, latest month reported
Fifteen years of mortgage demand The full series - every month since July 2011 - as each product's share of that month's inquiries: the refinance waves of 2012 and 2020-21, the purchase-dominated middle of the decade, and the rotation into home-equity products at the end.
· All 10y 5y 3y 1y
0% 25% 50% 75% 100% 2012 2014 2016 2018 2020 2022 2024 2026 Purchase, 2011-07: 49% of inquiries Purchase, 2011-08: 56% of inquiries Purchase, 2011-09: 47% of inquiries Purchase, 2011-10: 46% of inquiries Purchase, 2011-11: 47% of inquiries Purchase, 2011-12: 34% of inquiries Purchase, 2012-01: 36% of inquiries Purchase, 2012-02: 39% of inquiries Purchase, 2012-03: 39% of inquiries Purchase, 2012-04: 36% of inquiries Purchase, 2012-05: 26% of inquiries Purchase, 2012-06: 44% of inquiries Purchase, 2012-07: 43% of inquiries Purchase, 2012-08: 30% of inquiries Purchase, 2012-09: 19% of inquiries Purchase, 2012-10: 24% of inquiries Purchase, 2012-11: 41% of inquiries Purchase, 2012-12: 40% of inquiries Purchase, 2013-01: 41% of inquiries Purchase, 2013-02: 33% of inquiries Purchase, 2013-03: 34% of inquiries Purchase, 2013-04: 48% of inquiries Purchase, 2013-05: 58% of inquiries Purchase, 2013-06: 59% of inquiries Purchase, 2013-07: 66% of inquiries Purchase, 2013-08: 62% of inquiries Purchase, 2013-09: 64% of inquiries Purchase, 2013-10: 57% of inquiries Purchase, 2013-11: 54% of inquiries Purchase, 2013-12: 60% of inquiries Purchase, 2014-01: 59% of inquiries Purchase, 2014-02: 55% of inquiries Purchase, 2014-03: 56% of inquiries Purchase, 2014-04: 58% of inquiries Purchase, 2014-05: 65% of inquiries Purchase, 2014-06: 74% of inquiries Purchase, 2014-07: 67% of inquiries Purchase, 2014-08: 68% of inquiries Purchase, 2014-09: 70% of inquiries Purchase, 2014-10: 72% of inquiries Purchase, 2014-11: 69% of inquiries Purchase, 2014-12: 75% of inquiries Purchase, 2015-01: 80% of inquiries Purchase, 2015-02: 83% of inquiries Purchase, 2015-03: 82% of inquiries Purchase, 2015-04: 84% of inquiries Purchase, 2015-05: 76% of inquiries Purchase, 2015-06: 71% of inquiries Purchase, 2015-07: 79% of inquiries Purchase, 2015-08: 75% of inquiries Purchase, 2015-09: 78% of inquiries Purchase, 2015-10: 84% of inquiries Purchase, 2015-11: 88% of inquiries Purchase, 2015-12: 88% of inquiries Purchase, 2016-01: 88% of inquiries Purchase, 2016-02: 84% of inquiries Purchase, 2016-03: 86% of inquiries Purchase, 2016-04: 87% of inquiries Purchase, 2016-05: 87% of inquiries Purchase, 2016-06: 92% of inquiries Purchase, 2016-07: 90% of inquiries Purchase, 2016-08: 91% of inquiries Purchase, 2016-09: 88% of inquiries Purchase, 2016-10: 86% of inquiries Purchase, 2016-11: 73% of inquiries Purchase, 2016-12: 80% of inquiries Purchase, 2017-01: 86% of inquiries Purchase, 2017-02: 88% of inquiries Purchase, 2017-03: 87% of inquiries Purchase, 2017-04: 81% of inquiries Purchase, 2017-05: 84% of inquiries Purchase, 2017-06: 84% of inquiries Purchase, 2017-07: 87% of inquiries Purchase, 2017-08: 82% of inquiries Purchase, 2017-09: 82% of inquiries Purchase, 2017-10: 83% of inquiries Purchase, 2017-11: 85% of inquiries Purchase, 2017-12: 78% of inquiries Purchase, 2018-01: 80% of inquiries Purchase, 2018-02: 77% of inquiries Purchase, 2018-03: 71% of inquiries Purchase, 2018-04: 47% of inquiries Purchase, 2018-05: 79% of inquiries Purchase, 2018-06: 78% of inquiries Purchase, 2018-07: 76% of inquiries Purchase, 2018-08: 71% of inquiries Purchase, 2018-09: 75% of inquiries Purchase, 2018-10: 72% of inquiries Purchase, 2018-11: 76% of inquiries Purchase, 2018-12: 80% of inquiries Purchase, 2019-01: 81% of inquiries Purchase, 2019-02: 79% of inquiries Purchase, 2019-03: 79% of inquiries Purchase, 2019-04: 80% of inquiries Purchase, 2019-05: 80% of inquiries Purchase, 2019-06: 79% of inquiries Purchase, 2019-07: 82% of inquiries Purchase, 2019-08: 75% of inquiries Purchase, 2019-09: 75% of inquiries Purchase, 2019-10: 74% of inquiries Purchase, 2019-11: 66% of inquiries Purchase, 2019-12: 67% of inquiries Purchase, 2020-01: 70% of inquiries Purchase, 2020-02: 63% of inquiries Purchase, 2020-03: 58% of inquiries Purchase, 2020-04: 76% of inquiries Purchase, 2020-05: 88% of inquiries Purchase, 2020-06: 83% of inquiries Purchase, 2020-07: 83% of inquiries Purchase, 2020-08: 85% of inquiries Purchase, 2020-09: 87% of inquiries Purchase, 2020-10: 85% of inquiries Purchase, 2020-11: 80% of inquiries Purchase, 2020-12: 69% of inquiries Purchase, 2021-01: 80% of inquiries Purchase, 2021-02: 88% of inquiries Purchase, 2021-03: 90% of inquiries Purchase, 2021-04: 90% of inquiries Purchase, 2021-05: 83% of inquiries Purchase, 2021-06: 83% of inquiries Purchase, 2021-07: 77% of inquiries Purchase, 2021-08: 71% of inquiries Purchase, 2021-09: 72% of inquiries Purchase, 2021-10: 77% of inquiries Purchase, 2021-11: 77% of inquiries Purchase, 2021-12: 76% of inquiries Purchase, 2022-01: 79% of inquiries Purchase, 2022-02: 81% of inquiries Purchase, 2022-03: 80% of inquiries Purchase, 2022-04: 86% of inquiries Purchase, 2022-05: 56% of inquiries Purchase, 2022-06: 83% of inquiries Purchase, 2022-07: 81% of inquiries Purchase, 2022-08: 80% of inquiries Purchase, 2022-09: 74% of inquiries Purchase, 2022-10: 84% of inquiries Purchase, 2022-11: 93% of inquiries Purchase, 2022-12: 93% of inquiries Purchase, 2023-01: 95% of inquiries Purchase, 2023-02: 91% of inquiries Purchase, 2023-03: 93% of inquiries Purchase, 2023-04: 91% of inquiries Purchase, 2023-05: 88% of inquiries Purchase, 2023-06: 90% of inquiries Purchase, 2023-07: 85% of inquiries Purchase, 2023-08: 83% of inquiries Purchase, 2023-09: 77% of inquiries Purchase, 2023-10: 72% of inquiries Purchase, 2023-11: 8% of inquiries Purchase, 2023-12: 10% of inquiries Purchase, 2024-01: 22% of inquiries Purchase, 2024-02: 23% of inquiries Purchase, 2024-03: 34% of inquiries Purchase, 2024-04: 44% of inquiries Purchase, 2024-05: 51% of inquiries Purchase, 2024-06: 11% of inquiries Purchase, 2024-07: 5% of inquiries Purchase, 2024-08: 1% of inquiries Purchase, 2024-09: 3% of inquiries Purchase, 2024-10: 5% of inquiries Purchase, 2024-11: 4% of inquiries Purchase, 2025-01: 1% of inquiries Purchase, 2025-02: 10% of inquiries Purchase, 2025-03: 30% of inquiries Purchase, 2025-04: 43% of inquiries Purchase, 2025-05: 37% of inquiries Purchase, 2025-06: 21% of inquiries Purchase, 2025-07: 25% of inquiries Purchase, 2025-09: 20% of inquiries Purchase, 2025-10: 30% of inquiries Purchase, 2025-11: 28% of inquiries Purchase, 2025-12: 21% of inquiries Purchase, 2026-01: 24% of inquiries Purchase, 2026-02: 23% of inquiries Purchase, 2026-03: 1% of inquiries Purchase, 2026-05: 1% of inquiries Purchase, 2026-06: 37% of inquiries Purchase, 2026-07: 18% of inquiries 18% Refinance, 2011-07: 51% of inquiries Refinance, 2011-08: 44% of inquiries Refinance, 2011-09: 53% of inquiries Refinance, 2011-10: 54% of inquiries Refinance, 2011-11: 53% of inquiries Refinance, 2011-12: 66% of inquiries Refinance, 2012-01: 64% of inquiries Refinance, 2012-02: 61% of inquiries Refinance, 2012-03: 61% of inquiries Refinance, 2012-04: 64% of inquiries Refinance, 2012-05: 74% of inquiries Refinance, 2012-06: 56% of inquiries Refinance, 2012-07: 57% of inquiries Refinance, 2012-08: 70% of inquiries Refinance, 2012-09: 81% of inquiries Refinance, 2012-10: 76% of inquiries Refinance, 2012-11: 59% of inquiries Refinance, 2012-12: 60% of inquiries Refinance, 2013-01: 59% of inquiries Refinance, 2013-02: 67% of inquiries Refinance, 2013-03: 66% of inquiries Refinance, 2013-04: 52% of inquiries Refinance, 2013-05: 42% of inquiries Refinance, 2013-06: 41% of inquiries Refinance, 2013-07: 34% of inquiries Refinance, 2013-08: 38% of inquiries Refinance, 2013-09: 36% of inquiries Refinance, 2013-10: 43% of inquiries Refinance, 2013-11: 46% of inquiries Refinance, 2013-12: 40% of inquiries Refinance, 2014-01: 41% of inquiries Refinance, 2014-02: 45% of inquiries Refinance, 2014-03: 44% of inquiries Refinance, 2014-04: 42% of inquiries Refinance, 2014-05: 35% of inquiries Refinance, 2014-06: 26% of inquiries Refinance, 2014-07: 33% of inquiries Refinance, 2014-08: 32% of inquiries Refinance, 2014-09: 30% of inquiries Refinance, 2014-10: 28% of inquiries Refinance, 2014-11: 31% of inquiries Refinance, 2014-12: 25% of inquiries Refinance, 2015-01: 20% of inquiries Refinance, 2015-02: 17% of inquiries Refinance, 2015-03: 18% of inquiries Refinance, 2015-04: 16% of inquiries Refinance, 2015-05: 24% of inquiries Refinance, 2015-06: 29% of inquiries Refinance, 2015-07: 21% of inquiries Refinance, 2015-08: 25% of inquiries Refinance, 2015-09: 22% of inquiries Refinance, 2015-10: 16% of inquiries Refinance, 2015-11: 12% of inquiries Refinance, 2015-12: 12% of inquiries Refinance, 2016-01: 12% of inquiries Refinance, 2016-02: 16% of inquiries Refinance, 2016-03: 14% of inquiries Refinance, 2016-04: 13% of inquiries Refinance, 2016-05: 13% of inquiries Refinance, 2016-06: 8% of inquiries Refinance, 2016-07: 10% of inquiries Refinance, 2016-08: 9% of inquiries Refinance, 2016-09: 12% of inquiries Refinance, 2016-10: 14% of inquiries Refinance, 2016-11: 27% of inquiries Refinance, 2016-12: 20% of inquiries Refinance, 2017-01: 14% of inquiries Refinance, 2017-02: 12% of inquiries Refinance, 2017-03: 13% of inquiries Refinance, 2017-04: 19% of inquiries Refinance, 2017-05: 16% of inquiries Refinance, 2017-06: 16% of inquiries Refinance, 2017-07: 13% of inquiries Refinance, 2017-08: 18% of inquiries Refinance, 2017-09: 18% of inquiries Refinance, 2017-10: 17% of inquiries Refinance, 2017-11: 15% of inquiries Refinance, 2017-12: 22% of inquiries Refinance, 2018-01: 20% of inquiries Refinance, 2018-02: 23% of inquiries Refinance, 2018-03: 29% of inquiries Refinance, 2018-04: 53% of inquiries Refinance, 2018-05: 21% of inquiries Refinance, 2018-06: 22% of inquiries Refinance, 2018-07: 24% of inquiries Refinance, 2018-08: 29% of inquiries Refinance, 2018-09: 25% of inquiries Refinance, 2018-10: 28% of inquiries Refinance, 2018-11: 24% of inquiries Refinance, 2018-12: 20% of inquiries Refinance, 2019-01: 19% of inquiries Refinance, 2019-02: 21% of inquiries Refinance, 2019-03: 21% of inquiries Refinance, 2019-04: 20% of inquiries Refinance, 2019-05: 20% of inquiries Refinance, 2019-06: 21% of inquiries Refinance, 2019-07: 18% of inquiries Refinance, 2019-08: 25% of inquiries Refinance, 2019-09: 25% of inquiries Refinance, 2019-10: 26% of inquiries Refinance, 2019-11: 34% of inquiries Refinance, 2019-12: 33% of inquiries Refinance, 2020-01: 30% of inquiries Refinance, 2020-02: 37% of inquiries Refinance, 2020-03: 42% of inquiries Refinance, 2020-04: 24% of inquiries Refinance, 2020-05: 12% of inquiries Refinance, 2020-06: 17% of inquiries Refinance, 2020-07: 17% of inquiries Refinance, 2020-08: 15% of inquiries Refinance, 2020-09: 13% of inquiries Refinance, 2020-10: 15% of inquiries Refinance, 2020-11: 20% of inquiries Refinance, 2020-12: 31% of inquiries Refinance, 2021-01: 20% of inquiries Refinance, 2021-02: 12% of inquiries Refinance, 2021-03: 10% of inquiries Refinance, 2021-04: 10% of inquiries Refinance, 2021-05: 17% of inquiries Refinance, 2021-06: 17% of inquiries Refinance, 2021-07: 23% of inquiries Refinance, 2021-08: 29% of inquiries Refinance, 2021-09: 28% of inquiries Refinance, 2021-10: 23% of inquiries Refinance, 2021-11: 23% of inquiries Refinance, 2021-12: 24% of inquiries Refinance, 2022-01: 21% of inquiries Refinance, 2022-02: 19% of inquiries Refinance, 2022-03: 20% of inquiries Refinance, 2022-04: 14% of inquiries Refinance, 2022-05: 44% of inquiries Refinance, 2022-06: 17% of inquiries Refinance, 2022-07: 19% of inquiries Refinance, 2022-08: 20% of inquiries Refinance, 2022-09: 26% of inquiries Refinance, 2022-10: 16% of inquiries Refinance, 2022-11: 7% of inquiries Refinance, 2022-12: 7% of inquiries Refinance, 2023-01: 5% of inquiries Refinance, 2023-02: 6% of inquiries Refinance, 2023-03: 5% of inquiries Refinance, 2023-04: 4% of inquiries Refinance, 2023-05: 8% of inquiries Refinance, 2023-06: 5% of inquiries Refinance, 2023-07: 5% of inquiries Refinance, 2023-08: 6% of inquiries Refinance, 2023-09: 7% of inquiries Refinance, 2023-10: 3% of inquiries Refinance, 2023-11: 41% of inquiries Refinance, 2023-12: 30% of inquiries Refinance, 2024-01: 49% of inquiries Refinance, 2024-02: 49% of inquiries Refinance, 2024-03: 34% of inquiries Refinance, 2024-04: 14% of inquiries Refinance, 2024-05: 5% of inquiries Refinance, 2024-06: 2% of inquiries Refinance, 2024-07: 10% of inquiries Refinance, 2024-08: 19% of inquiries Refinance, 2024-09: 49% of inquiries Refinance, 2024-10: 50% of inquiries Refinance, 2024-11: 66% of inquiries Refinance, 2024-12: 87% of inquiries Refinance, 2025-01: 70% of inquiries Refinance, 2025-02: 63% of inquiries Refinance, 2025-03: 47% of inquiries Refinance, 2025-04: 46% of inquiries Refinance, 2025-05: 46% of inquiries Refinance, 2025-06: 54% of inquiries Refinance, 2025-07: 21% of inquiries Refinance, 2025-08: 4% of inquiries Refinance, 2025-09: 5% of inquiries Refinance, 2025-10: 6% of inquiries Refinance, 2025-11: 18% of inquiries Refinance, 2025-12: 14% of inquiries Refinance, 2026-01: 6% of inquiries Refinance, 2026-02: 6% of inquiries Refinance, 2026-03: 5% of inquiries Refinance, 2026-04: 3% of inquiries Refinance, 2026-06: 2% of inquiries 2% Home equity (HELOC + reverse), 2023-01: 0% of inquiries Home equity (HELOC + reverse), 2023-02: 3% of inquiries Home equity (HELOC + reverse), 2023-03: 3% of inquiries Home equity (HELOC + reverse), 2023-04: 5% of inquiries Home equity (HELOC + reverse), 2023-05: 4% of inquiries Home equity (HELOC + reverse), 2023-06: 5% of inquiries Home equity (HELOC + reverse), 2023-07: 9% of inquiries Home equity (HELOC + reverse), 2023-08: 11% of inquiries Home equity (HELOC + reverse), 2023-09: 17% of inquiries Home equity (HELOC + reverse), 2023-10: 25% of inquiries Home equity (HELOC + reverse), 2023-11: 51% of inquiries Home equity (HELOC + reverse), 2023-12: 60% of inquiries Home equity (HELOC + reverse), 2024-01: 29% of inquiries Home equity (HELOC + reverse), 2024-02: 28% of inquiries Home equity (HELOC + reverse), 2024-03: 32% of inquiries Home equity (HELOC + reverse), 2024-04: 42% of inquiries Home equity (HELOC + reverse), 2024-05: 43% of inquiries Home equity (HELOC + reverse), 2024-06: 87% of inquiries Home equity (HELOC + reverse), 2024-07: 86% of inquiries Home equity (HELOC + reverse), 2024-08: 80% of inquiries Home equity (HELOC + reverse), 2024-09: 47% of inquiries Home equity (HELOC + reverse), 2024-10: 45% of inquiries Home equity (HELOC + reverse), 2024-11: 30% of inquiries Home equity (HELOC + reverse), 2024-12: 13% of inquiries Home equity (HELOC + reverse), 2025-01: 30% of inquiries Home equity (HELOC + reverse), 2025-02: 27% of inquiries Home equity (HELOC + reverse), 2025-03: 23% of inquiries Home equity (HELOC + reverse), 2025-04: 10% of inquiries Home equity (HELOC + reverse), 2025-05: 17% of inquiries Home equity (HELOC + reverse), 2025-06: 25% of inquiries Home equity (HELOC + reverse), 2025-07: 55% of inquiries Home equity (HELOC + reverse), 2025-08: 96% of inquiries Home equity (HELOC + reverse), 2025-09: 75% of inquiries Home equity (HELOC + reverse), 2025-10: 64% of inquiries Home equity (HELOC + reverse), 2025-11: 54% of inquiries Home equity (HELOC + reverse), 2025-12: 65% of inquiries Home equity (HELOC + reverse), 2026-01: 70% of inquiries Home equity (HELOC + reverse), 2026-02: 71% of inquiries Home equity (HELOC + reverse), 2026-03: 94% of inquiries Home equity (HELOC + reverse), 2026-04: 97% of inquiries Home equity (HELOC + reverse), 2026-05: 99% of inquiries Home equity (HELOC + reverse), 2026-06: 60% of inquiries Home equity (HELOC + reverse), 2026-07: 82% of inquiries 82% Each product's share of that month's mortgage inquiries in RateZip's lead flow, July 2011 to present. The home-equity series combines HELOC and reverse-mortgage inquiries - the same equity-release intent, with reverse being the product designed for homeowners 62 and older. Click legend chips to show or hide products; drag across the chart (or use the range buttons) to zoom, double-click to reset. Before January 2023, reverse inquiries are included within refinance; products with fewer than 20 inquiries in a month are excluded from that month. Shares of RateZip's own traffic, not total US market volume. The rotation from refinance to home equity This zoomed view begins in January 2023, the point from which reverse-mortgage inquiries are separable from refinance in our data - earlier reverse demand is included within the refinance line above.
0% 25% 50% 75% 100% 2023 Jul 2024 Jul 2025 Jul 2026 Jul Refinance, 2023-01: 91% of equity-tapping inquiries Refinance, 2023-02: 70% of equity-tapping inquiries Refinance, 2023-03: 63% of equity-tapping inquiries Refinance, 2023-04: 45% of equity-tapping inquiries Refinance, 2023-05: 66% of equity-tapping inquiries Refinance, 2023-06: 49% of equity-tapping inquiries Refinance, 2023-07: 37% of equity-tapping inquiries Refinance, 2023-08: 37% of equity-tapping inquiries Refinance, 2023-09: 28% of equity-tapping inquiries Refinance, 2023-10: 10% of equity-tapping inquiries Refinance, 2023-11: 45% of equity-tapping inquiries Refinance, 2023-12: 33% of equity-tapping inquiries Refinance, 2024-01: 63% of equity-tapping inquiries Refinance, 2024-02: 64% of equity-tapping inquiries Refinance, 2024-03: 51% of equity-tapping inquiries Refinance, 2024-04: 25% of equity-tapping inquiries Refinance, 2024-05: 11% of equity-tapping inquiries Refinance, 2024-06: 3% of equity-tapping inquiries Refinance, 2024-07: 10% of equity-tapping inquiries Refinance, 2024-08: 19% of equity-tapping inquiries Refinance, 2024-09: 51% of equity-tapping inquiries Refinance, 2024-10: 52% of equity-tapping inquiries Refinance, 2024-11: 69% of equity-tapping inquiries Refinance, 2024-12: 87% of equity-tapping inquiries Refinance, 2025-01: 70% of equity-tapping inquiries Refinance, 2025-02: 70% of equity-tapping inquiries Refinance, 2025-03: 67% of equity-tapping inquiries Refinance, 2025-04: 82% of equity-tapping inquiries Refinance, 2025-05: 74% of equity-tapping inquiries Refinance, 2025-06: 68% of equity-tapping inquiries Refinance, 2025-07: 28% of equity-tapping inquiries Refinance, 2025-08: 4% of equity-tapping inquiries Refinance, 2025-09: 6% of equity-tapping inquiries Refinance, 2025-10: 9% of equity-tapping inquiries Refinance, 2025-11: 26% of equity-tapping inquiries Refinance, 2025-12: 18% of equity-tapping inquiries Refinance, 2026-01: 8% of equity-tapping inquiries Refinance, 2026-02: 7% of equity-tapping inquiries Refinance, 2026-03: 5% of equity-tapping inquiries Refinance, 2026-04: 3% of equity-tapping inquiries Refinance, 2026-06: 4% of equity-tapping inquiries 4% Reverse mortgage, 2023-01: 9% of equity-tapping inquiries Reverse mortgage, 2023-02: 30% of equity-tapping inquiries Reverse mortgage, 2023-03: 37% of equity-tapping inquiries Reverse mortgage, 2023-04: 55% of equity-tapping inquiries Reverse mortgage, 2023-05: 34% of equity-tapping inquiries Reverse mortgage, 2023-06: 51% of equity-tapping inquiries Reverse mortgage, 2023-07: 63% of equity-tapping inquiries Reverse mortgage, 2023-08: 63% of equity-tapping inquiries Reverse mortgage, 2023-09: 72% of equity-tapping inquiries Reverse mortgage, 2023-10: 90% of equity-tapping inquiries Reverse mortgage, 2023-11: 55% of equity-tapping inquiries Reverse mortgage, 2023-12: 67% of equity-tapping inquiries Reverse mortgage, 2024-01: 37% of equity-tapping inquiries Reverse mortgage, 2024-02: 36% of equity-tapping inquiries Reverse mortgage, 2024-03: 49% of equity-tapping inquiries Reverse mortgage, 2024-04: 75% of equity-tapping inquiries Reverse mortgage, 2024-05: 89% of equity-tapping inquiries Reverse mortgage, 2024-06: 97% of equity-tapping inquiries Reverse mortgage, 2024-07: 90% of equity-tapping inquiries Reverse mortgage, 2024-08: 81% of equity-tapping inquiries Reverse mortgage, 2024-09: 49% of equity-tapping inquiries Reverse mortgage, 2024-10: 48% of equity-tapping inquiries Reverse mortgage, 2024-11: 31% of equity-tapping inquiries Reverse mortgage, 2024-12: 13% of equity-tapping inquiries Reverse mortgage, 2025-01: 30% of equity-tapping inquiries Reverse mortgage, 2025-02: 30% of equity-tapping inquiries Reverse mortgage, 2025-03: 33% of equity-tapping inquiries Reverse mortgage, 2025-04: 17% of equity-tapping inquiries Reverse mortgage, 2025-05: 19% of equity-tapping inquiries Reverse mortgage, 2025-06: 23% of equity-tapping inquiries Reverse mortgage, 2025-07: 50% of equity-tapping inquiries Reverse mortgage, 2025-08: 72% of equity-tapping inquiries Reverse mortgage, 2025-09: 75% of equity-tapping inquiries Reverse mortgage, 2025-10: 85% of equity-tapping inquiries Reverse mortgage, 2025-11: 62% of equity-tapping inquiries Reverse mortgage, 2025-12: 78% of equity-tapping inquiries Reverse mortgage, 2026-01: 88% of equity-tapping inquiries Reverse mortgage, 2026-02: 71% of equity-tapping inquiries Reverse mortgage, 2026-03: 68% of equity-tapping inquiries Reverse mortgage, 2026-04: 88% of equity-tapping inquiries Reverse mortgage, 2026-05: 96% of equity-tapping inquiries Reverse mortgage, 2026-06: 86% of equity-tapping inquiries Reverse mortgage, 2026-07: 79% of equity-tapping inquiries 79% HELOC / home equity, 2025-04: 1% of equity-tapping inquiries HELOC / home equity, 2025-05: 7% of equity-tapping inquiries HELOC / home equity, 2025-06: 9% of equity-tapping inquiries HELOC / home equity, 2025-07: 23% of equity-tapping inquiries HELOC / home equity, 2025-08: 24% of equity-tapping inquiries HELOC / home equity, 2025-09: 19% of equity-tapping inquiries HELOC / home equity, 2025-10: 6% of equity-tapping inquiries HELOC / home equity, 2025-11: 13% of equity-tapping inquiries HELOC / home equity, 2025-12: 4% of equity-tapping inquiries HELOC / home equity, 2026-01: 4% of equity-tapping inquiries HELOC / home equity, 2026-02: 22% of equity-tapping inquiries HELOC / home equity, 2026-03: 27% of equity-tapping inquiries HELOC / home equity, 2026-04: 9% of equity-tapping inquiries HELOC / home equity, 2026-05: 4% of equity-tapping inquiries HELOC / home equity, 2026-06: 10% of equity-tapping inquiries HELOC / home equity, 2026-07: 21% of equity-tapping inquiries 21% Each product's share of the month's home-equity-tapping inquiries (refinance + reverse + HELOC) in RateZip's lead flow. Reverse-mortgage inquiries are separable from refinance from January 2023. Products with fewer than 20 inquiries in a month are excluded from that month. Shares of RateZip's own traffic, not total US market volume. Why demand rotated
Most US homeowners hold first mortgages far below today's rates, so a cash-out refinance means repricing the whole balance upward - the math rarely works. The equity is still there and still needed, so demand moved to instruments that tap it without touching the first lien: HELOCs for working-age owners, reverse mortgages for owners 62 and up. Total equity-tapping inquiry volume in RateZip's flow held roughly steady over the past year; what changed is which product borrowers ask for.
Who's tapping their equity The median reverse-mortgage inquirer owns a $300K home with 25% loan-to-value - roughly $225K of equity - and asks for $90K , about 40% of it. The HELOC inquirer is a different homeowner altogether: a $500K home at 34% LTV, asking for $200K. Reverse demand comes from more modest, lower-debt households tapping a larger share of what they own.
Median (self-reported) Reverse HELOC Refinance Home value $300K $500K $480K Amount requested $90K $200K $175K Loan-to-value 25% 34% 30%
Self-reported by inquirers since January 2025; medians; any cell under 20 responses is suppressed.
Top states, all mortgage inquiries State Share of inquiries TX 14.8% FL 13.6% CA 9.3% PA 6.0% GA 5.1% MI 4.5% IL 4.1% OH 3.7% NJ 3.7% AL 3.0%
Top states, reverse mortgage State Share of inquiries TX 16.2% FL 13.6% CA 7.9% PA 5.4% GA 4.6% MI 4.6% IL 3.7% NJ 3.4% NC 3.4% AZ 3.3%
Trailing three data months; share of state-attributable inquiries in the period. Volume is published as shares only.
About these numbers The index counts consumer mortgage inquiries submitted through RateZip's owned-and-operated sites and marketing, from July 2011. It measures demand in RateZip's flow, not total US market volume: absolute levels reflect our reach in a given period, so the meaningful signals are mix and trend, not raw scale. Aggregates only are published; any month-product-state cell with fewer than 20 inquiries is suppressed, and no record-level data leaves our systems. Reverse-mortgage inquiries are separable from refinance from January 2023 - before that, reverse volume is included within refinance, so cross-2023 comparisons should use refinance and reverse combined. Full provenance on the methodology page .
Citing these figures? Quote the number with its month and attribute to "RateZip Mortgage Demand Index" with a link to this page.
Related: RateZip Home Value Movers - the US cities where tracked home values are rising and falling, from our monthly valuation refresh.