Cash-out refinancing activity up, Freddie Mac says
74% of Freddie's loans in second quarter were cash-outs
By Inman News, Monday, August 1, 2005.A full 74 percent of Freddie Mac-owned loans that were refinanced in this year's second quarter resulted in new mortgages with loan amounts at least 5 percent higher than the original mortgage balances, the mortgage giant reported today.
Lower than expected interest rates in this year's second quarter spurred the spate of cash-out refinancings, Freddie Mac said.
This is in contrast to the first quarter of 2005, when 64 percent of refinanced loans had higher new loan amounts, and was the highest since the fourth quarter of 2000, Freddie Mac said.
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