Average Refinance Dropped Rates by 1.7% in Q3, Highest in Survey History

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Posted To: MND NewsWire

Americans continue to refinance with new loans the same size or smaller than the loans they are replacing. Freddie Mac's third quarter refinance analysis shows that 54 percent of homeowners who refinanced during the third quarter of 2012 took new loans of approximately the same size as the old and 29 percent brought funds to the table to reduce their mortgage balance. The aggregate 83 percent is only slightly below the record 85 percent of non-cash out borrowers in the fourth quarter of 2011. The 17 percent of homeowners who took out a new loan more than 5 percent larger than the old loan, Freddie Mac's definition of a cash-out refinancing, is the same as in the second quarter and the third quarter of 2011. These numbers are a vast departure from cash-out percentages during the period from...(read more)

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