If there's any doubt that American homeowners didn't learn their lesson when it comes to treating their home like a veritable ATM, then consider that the percentage of people who converted equity in their home into cash is at a 17-year low. That's according to a new data from Freddie Mac, which says that of the value of all cash-out refinancings during the second quarter totaled only $5 billion, down from a peak of $84 billion during the second quarter 2006.

Here's another interesting tid bit: The median interest rate reduction for a 30-year fixed-rate mortgage was about 1.5 percentage points, a savings of 28 percent in interest rate. That was the largest percent reduction in the 27 years of record keeping. 

 

Older Post

Study shows lack of succession planning in RE

Newer Post

For mortgages, an end to the record-breaking streak