Posted To: MND NewsWire
The party is probably over for the time being when it comes to rate-and-term (i.e. "no cash out") refinancing. But even as rising interest rates steadily shrink the pool of candidates for that type of origination, other factors are encouraging refinancing of the cash-out variety. Freddie Mac says that 81 percent of all refinancing during the third quarter of this year involved a new mortgage that was at least 5 percent larger than the loan it replaced. This is the highest share for cash-out refinancing since the third quarter of 2008 and up from a 62 percent share in the third quarter of last year. However, it is still below the 89 percent cash-out share of refinancing in the third quarter of 2006. The recent dollar volume is lower as well, in fact it pales in comparison to the cash-out refinance...(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 https://ift.tt/2FMqsLO
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