ICE's Stock Slides to 266th in Trading Volume Amid Mortgage Division's Record Refinance Surge

On August 11, 2025, Intercontinental Exchange (ICE) reported a 0.25% decline in its stock price, with a trading volume of $0.38 billion, marking a 27.23% drop compared to the previous day. The stock ranked 266th in market activity, indicating reduced liquidity despite its core business performance.

ICE Mortgage Technology, a division of ICE, highlighted a surge in mortgage originations, reaching the highest quarterly volume since 2022. Cash-out refinances dominated 59% of all refinance transactions, driven by homeowners leveraging record $17.8 trillion in total home equity. However, slowing home price growth in key Sunbelt and Western markets, such as Austin and Deltona, Florida, has dampened equity gains in these regions, with nearly 25% of U.S. markets experiencing at least a 5% drop in tappable equity.

Mortgage servicers face challenges retaining cash-out borrowers, as retention rates for these loans hit a four-year low of 23%. The decline is attributed to the difficulty of identifying cash-out refinancing intent using traditional rate-based triggers. Conversely, borrowers who purchased homes in 2024 showed higher retention rates at 43%, suggesting lenders prioritizing customer engagement can mitigate attrition. ICE emphasized the need for integrated tools and data analytics to address these challenges.

The strategy of purchasing the top 500 stocks by daily trading volume and holding them for one day delivered a 166.71% return from 2022 to the present, outperforming the benchmark return of 29.18% by 137.53%. This underscores the role of liquidity concentration in short-term stock performance, particularly in volatile markets, where high-volume stocks exhibit amplified price movements due to heightened investor interest.