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Cash Out Refis Are Rising Again.(Federal Home Loan Mortgage Corp.)(Brief article)
MCLEAN, VA -- Although Freddie Mac is reporting that cash-out figures for the third quarter of 2006 are at the highest level in 16 years and most Freddie Mac-owned loans that were refinanced resulted in new mortgages with loan amounts that were higher than the original balances, this wave of high refinance activity is at about an end.
In 3Q06, 89% of Freddie Mac-owned loans that were refinanced resulted in new mortgages with loan amounts that were at least 5% higher than the original mortgage balances, according to Freddie Mac's quarterly refinance review. This percentage is up from the second quarter of 2006, when the share of refinanced loans that took cash out was a revised 88%, and is the highest since the second quarter of 1990.
Amy Crews Cutts, Freddie Mac's deputy chief economist, said that Freddie Mac expects a slowdown in refinance ...
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Source: HighBeam Research, Cash Out Refis Are Rising Again.(Federal Home Loan Mortgage...