American Banker (05/08/08) P. 11; Colter, Allison Bisbey
Freddie Mac reports that cash-out refinancings among borrowers with loans held by the GSE fell to 56 percent in the first quarter from 77 percent in the fourth quarter, marking a nearly four-year low. The amount of home equity cashed out fell to $29 billion from $36 billion during the same period. More than 50 percent of borrowers refinanced to lower their interest rate, amounting to a decline of nearly five-eighths of a percentage point.
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