Cash Out Re-Fi Mortgages Highest in 16 Years
The combination of lower volume in new purchased homes mortgages and the increase in home refinancing has raised the percentage of cash out refinancing to the highest rate in 16 years. To add to the mix, 500 billion in ARMs are resetting this year so many households are refinancing from Adjustable Rate Mortgages to fixed rate loans and taking some cash out in the process.
They’re doing it with cash-out refi’s — home mortgages big enough not just to cover debt, but deliver some immediate cash to the borrower.
Cash-out refi’s this spring hit their highest market-share percentage in 16 years — 88 percent of all mortgages refinanced through Freddie Mac, one of the U.S. mortgage market’s largest financiers.
Homeowners drained $81 billion in home equity this way in this year’s second quarter, the McLean, Va.-based firm reported this month.
The price of that quick cash: at least 5 percent more mortgage debt and loss of loans that were a median 7 percent lower, Freddie Mac’s figures show. via The Houston Chronicle
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