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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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.