Posted To: MND NewsWire
Freddie Mac says that the trend toward increasing levels of cash out refinancing paused during the first quarter of 2016. The share of refinancing in which homeowners took a new mortgage that was at least 5 percent larger than their old mortgage eased back from 42 percent in the fourth quarter of 2015 to 40 percent. The volume was also down quarter-over-quarter from $11.0 to $10.9 billion. During the housing bubble Americans pulled an unprecedented amount of equity out of their homes both through cash-out refinancing and through taking home equity lines of credit (HELOC). From the second quarter of 2005 through the fourth quarter of 2007 a minimum of 72 percent of all refinancing contained a cash out component. Both the percentage of cash-outs and the volume of equity taken peaked in the second...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2937QYu
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