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

Mortgage market activity in December 2025 declined month-on-month due to seasonal factors, with total searches down 22.6%, yet remained 10.75% higher than December 2024. Remortgaging surged 29.31% year-on-year, driven by shifting interest rates, while first-time buyer searches fell 24.93% from November and showed only 0.78% annual growth. Purchase activity dipped, with non-first-time buyer searches down 3.36% annually. Buy-to-let searches dropped 23.06% monthly but were up 7.35% year-on-year. Rate-lock volume rose 2% monthly and 30% annually, led by refinances, which accounted for 37% of locks. The 30-year fixed rate held at 6.14%, and mortgage servicing rights values increased. Non-QM volume hit a record 9%, and investor participation grew, with 12 active investors by year-end.