Cash-out refinances at 7-year high

cash-out-refinance1By Jann Swanson | Mortgage News Daily

Even as the share of originations going for refinancing began to flag in the fourth quarter of 2015 the cash-out share of those refinancing increased. Freddie Mac said that transactions in which the new mortgage exceeded the old by 5 percent or more made up 43 percent of all refinances done during the quarter, up from 39 percent in the previous quarter and 28 percent a year earlier. It was the highest cash out share since 2008.

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