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Refinance News | Refinance Share Statistics
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Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.

Cashouts Surge

Freddie releases 1st quarter refinance review

May 3, 2005

By MortgageDaily.com staff

Refinance activity slowed during the first quarter, but the share of cashouts reached the highest level in nearly five years.

Freddie Mac's first quarter Refinance Review revealed that 64% of its owned refinance loans included a cashout component, where the new loan amount was at least 5% higher than that of the original loan. The latest cashout activity exceeded the previous quarter's level of 56% -- which had been the highest since the fourth quarter 2000 -- as well as that of 42% in the same period a year ago.

"The strong cash-out activity was due to both borrowers who were going to do a cash-out refi regardless of interest rate incentives and those who were primarily attracted by the fall in rates but decided to convert some equity