home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Refinance News | Refinance Share Statistics
News about refinancing programs, pricing and production. Stories about the H o m e
Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.


$139 Billion in Cashouts During 2003

45% of Freddie refinance loans surveyed included cashout

February 9, 2004

By MortgageDaily.com staff


An analysis by Freddie Mac shows fewer homeowners that are refinancing are doing so primarily for lower mortgage rates.

Freddie's fourth quarter Refinance Review revealed that 45% of the company-owned refinance loans included cashout -- where the new loan amount was at least 5% over the amortized unpaid principal balance of the original amount. The previous quarter's revised share was 34%, while a year ago, when rates were falling and refinancings were greater in number, it was 40%.

Freddie said the estimates were derived from a sample of properties on which it has funded at least two consecutive loans. The analysis does not track the use of funds obtained through the refinances.

"Since most of those who could refinance for lower rates have already done so, the later-year market became more attractive primarily to those who want or need to take equity out of their homes," said Freddie's deputy chief economist Amy Cutts, in the announcement.

"With interest rate still averaging well below 6 percent, homeowners are using cash out refinancing as an affordable way to finance purchases of durable goods, home improvements and to pay down other forms of consumer debt," Cutts added.

In all of 2003, homeowners took out almost $139 billion from their home equity, "but rising home values put that equity right back in and then some," said the economist. Total value of homeowner equity reached a record $7.9 trillion by the third quarter, contributing to the 40% national average growth in home values over the past 5 years.

Refinanced properties appreciated 12% in value by the time the refinance loan was made -- up from 5% in the third quarter and close to the 11% in the fourth quarter 2002, according to the review.



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders