By Jann Swanson
Posted To: MND NewsWire
The first quarter of 2015 was the third in a row that more than half of the refinances funded through Freddie Mac were cash out transactions. The company said that 27 percent of its refinancing loans were cash out compared to 27 and 28 percent in the third and fourth quarters of 2014 respectively. In the first quarter of last year cash-outs represented 17 percent of the total. The net dollars of home equity withdrawn in the quarter during refinance of conventional prime-credit home mortgages was estimated at $7.7 billion , down slightly from the fourth quarter. This pales in comparison to the $84 billion in equity withdrawn in the second quarter of 2006, a year when 89 percent of refinancing was cash out. Thirty-four percent of all refinancing borrowers and 36 percent of borrowers who utilized…(read more)
Via:: Borrowers inching back into Cash-Out Refinancing
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