Cash Out Refinancing Continued At Near Record Rates At Year End
10 February 2006Americans continue to draw down on their housing nest-egg. It is keeping the economy perking, but can it last much longer?
While refinancing as a share of overall mortgage activity continues to decrease
as rates rise, Americans who do refinance continue to liberate home
equity to pay for home improvements, bill consolidation, consumer purchases
and other discretionary spending.
Freddie Mac reported on February 8 that 80 percent of its
owned loans that were refinanced during the fourth quarter of last year were
for loan amounts that were a minimum of fi… Read More Now
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