The percentage of borrowers taking cash out of their homes when refinancing this year is at a low not seen in four years, at least among loans owned by Freddie Mac, the mortgage financier said.

Some 78 percent of refinance loans in the third quarter were cash-outs, Freddie Mac said, compared to 86 percent a year ago. For the first nine months of the year, the share of loans involving a cash out was 63 percent — the lowest level since 2004.

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