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Refinancing Surges As Homeowners Pull

Out The Most Cash in 12 Years.

Refinance lending has nearly doubled over the past three quarters, according to Black Knight. Cash-out refinances were up 24% since the last quarter of 2018 and made up 52% of all refinances. Homeowners withdrew a collective $36 billion in home equity, the highest amount in nearly 12 years.

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Market News

 

2:38 PM ET

Fed Chair Powell says household spending has been strong. Spending on services remain low, like travel and hospitality. Housing sector has fully recovered. Economic activity remains well below pre-pandemic levels and the outlook is uncertain due to the coronavirus. Inflation remains below the Fed's objective and repeats it moderately above its 2% goal for some time. A full economic recovery is unlikely until people are confidant that its safe to reengage in a broad range of activities. Not much reaction from the markets.

 

1:26 PM ET

Just past midday, Mortgage Bonds and Treasury prices trade near unchanged. 10-yr yield near unchanged at .77%. Stocks holding strong gains.

 


10:10 AM ET

Freddie Mac reports that the 30-yr fixed-rate mortgage fell to a record low 2.78% this week with 0.7 in points and fees.

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