Refinance Stress by ZIP: HMDA Slowdown, Concentration and Cash-Out Pressure (2026)
Refinance is how a stretched owner avoids a sale, so a ZIP where refinancing has collapsed is a ZIP where distress has nowhere to go but the market. The HMDA refinance card reads the slowdown in refinance originations, how concentrated they are among lenders, a cash-out proxy and a trend-pressure score, and folds them into refinance stress. This report ranks the highest-stress ZIPs and gives the national averages.
- 33,784 ZIPs carry a refinance stress score; the average is 26.3, 36 ZIPs score 70 or higher, and the average refinance slowdown is -17.7%.
- The average cash-out proxy on the hmda-refinance card is 79.3.
- 83423 in Clark County, ID is highest at 75.0, with a 57.9% refinance slowdown and cash-out proxy 71.4.
- Refinance stress on the hmda-refinance card is one of five components of the institutional v2 composite.
hmda-refinance: the HMDA refinance card figures as of 2026-10-20; source HMDA refinance originations by ZIP, latest two reporting years.
| ZIP (county, state) | Refinance stress | Refi slowdown | Cash-out proxy | Concentration |
|---|---|---|---|---|
| 83423 (Clark, ID) | 75.0 | 57.9% | 71.4 | 14.3 |
| 83446 (Clark, ID) | 75.0 | 57.9% | 71.4 | 14.3 |
| 57634 (Corson, SD) | 70.0 | 100.0% | 0.0 | 0.0 |
| 57559 (Jones, SD) | 70.0 | 100.0% | 0.0 | 0.0 |
| 57621 (Corson, SD) | 70.0 | 100.0% | 0.0 | 0.0 |
| 57633 (Corson, SD) | 70.0 | 100.0% | 0.0 | 0.0 |
| 31636 (Echols, GA) | 70.0 | 25.1% | 100.0 | 33.3 |
| 31631 (Echols, GA) | 70.0 | 25.1% | 100.0 | 33.3 |
| 57531 (Jones, SD) | 70.0 | 100.0% | 0.0 | 0.0 |
| 57551 (Bennett, SD) | 70.0 | 100.0% | 0.0 | 0.0 |
ZIPs by refinance stress (hmda-refinance, as of 2026-10-20)
ZIPs where refinancing has collapsed (hmda-refinance)
83423 in Clark County, ID: stress 75.0, slowdown 57.9%, cash-out 71.4, concentration 14.3; 83446 in Clark County, ID: stress 75.0, slowdown 57.9%, cash-out 71.4, concentration 14.3; 57634 in Corson County, SD: stress 70.0, slowdown 100.0%, cash-out 0.0, concentration 0.0; 57559 in Jones County, SD: stress 70.0, slowdown 100.0%, cash-out 0.0, concentration 0.0; 57621 in Corson County, SD: stress 70.0, slowdown 100.0%, cash-out 0.0, concentration 0.0; 57633 in Corson County, SD: stress 70.0, slowdown 100.0%, cash-out 0.0, concentration 0.0.
What hmda-refinance measures
Refinance slowdown percent (change in refinance originations between the latest two HMDA years), refinance concentration 0-100, the cash-out proxy 0-100, trend pressure 0-100 and the combined refinance stress score.
How hmda-refinance is computed
HMDA loan-level records are aggregated by ZIP and purpose; the slowdown compares years, concentration measures lender share, the cash-out proxy reads the share of refinances that raised the balance, and trend pressure scales the direction. The score averages the scaled components and refreshes with each HMDA release.
How to use hmda-refinance on a deal
High refinance stress with high FHA delinquency is the tightest trap an owner can be in: cannot refinance, cannot stay current. Those ZIPs produce sellers who need a buyer, not a lender. A high cash-out proxy says owners already pulled equity, so the discount available is smaller than the price suggests.
Read hmda-refinance on your ZIPs
The bank-stress pages show the lender side; the live board shows the refinance card on every parcel.
Hmda-refinance refreshes with its source table.
Refinance Stress by ZIP: HMDA Slowdown, Concentration and Cash-Out Pressure (2026): questions
Which HMDA years are compared?
The latest two full reporting years loaded; the release year is on the card's source line.
What is the cash-out proxy?
The share of refinances whose new balance exceeded the prior one, read as equity withdrawal.
Does it include home-equity lines?
Open-end lines are reported separately in HMDA and are not in the refinance count.
More on the HMDA refinance card
Refinance Stress by ZIP: HMDA Slowdown, Concentration and Cash-Out Pressure (2026) (hmda-refinance) is computed from HMDA refinance originations by ZIP, latest two reporting years; the HMDA refinance card is research (hmda-refinance), not legal advice; nothing on the hmda-refinance page is tax or hmda-refinance investment advice, so verify every hmda-refinance figure with its issuing agency before acting.