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Refinance Activity Jumps 500% from 2018

Mortgage News > Refinance Activity Jumps 500% from 2018
Date: 01/01/2020    Refinance Activity Jumps 500% from 2018

With mortgage interest rates near record lows, the number of new refinance loans skyrocketed 500% in the third quarter of 2019 compared to the year before, according to data from real estate firm Black Knight. Part of the jump comes from homeowners tapping into their home equity, as 52% of all refinances were cash-out loans, up from 24% the previous year. Americans currently have 5% more equity than they did last year.

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