Refinancing Surges As Homeowners Pull Out The Most Cash In 12 Years.
After hitting an 18-year low at the end of last year, refinance lending has nearly doubled over The past three quarters, according to Black Knight. In the third quarter of this year, refinance Volume was up 132% annually to its highest level in nearly three years. To Speak With a Professional Broker In The San Jose City, Call (408) 573-0333 Ext.722 or visit www.loanontime.com
Most of the refinancing in the third quarter of this year was done by borrowers looking to Improve their rate or the term on their current mortgage. But a growing number of borrowers Are taking money out of their homes.
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.