Mortgage activity fell in December 2025 due to seasonality, but remortgaging surged and rates held steady.

Due to seasonal factors, mortgage market activity decreased month over month in December 2025, with a 22.6% decrease in total searches, but it was still 10.75% higher than December 2024. Due to changing interest rates, remortgaging increased by 29.31% year over year, while first-time buyer searches decreased by 24.93% from November and only increased by 0.78% annually. Purchase activity declined, with a 3.36% yearly decline in non-first-time buyer searches. Buy-to-let searches increased 7.35% annually but decreased 23.06% monthly. Refinances, which made up 37% of locks, drove a 2% monthly and 30% annual increase in rate-lock volume. Mortgage servicing rights values rose while the 30-year fixed rate remained at 6.14%. By year's end, there were 12 active investors, and non-QM volume reached a record 9%.