More borrowers are raising their mortgage rate to cash out equity

More borrowers are raising their mortgage rate to cash out equity
For several months now, cash-out refinances have been eating up a greater share of overall refi volume, and it appears the trend isn’t about to slow down anytime soon. The latest report from Black Knight reveals that 82% of refinances originated in Q4 2018 were cash-outs, and that in two-thirds of these transactions, the borrower raised their mortgage rate in order to access their equity in cash.
Source: https://www.housingwire.com/rss