Mortgage originations hit their highest quarterly level since 2022, with both purchase and cash-out refinance activity approaching three-year highs, according to ICE Mortgage Technology’s Mortgage Monitor report for August.

The report, released Monday, also revealed that total and tappable home equity reached record levels.

“Homeowners are actively drawing on record equity with cash-out refinance loans, signaling increased demand despite elevated rates,” said Andy Walden, head of mortgage and housing market research at ICE.

“Meanwhile, a substantial cohort of people who purchased homes over the last three years are watching on the sidelines for rates to drop so they can refinance details ⇒

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