Indicators
US Home Cash-Out Refinancing Falls to Lowest Since 2000 After Fed Hikes
- Second-quarter share of cash-out refinances drops to 17%
- Mortgage rates have surged, minimizing appeal of this option
Homes in Miramar, Florida.
Photographer: Joe Raedle/Getty ImagesThis article is for subscribers only.
US interest-rate hikes have dented a key source of consumer funds — home-equity build-ups.
Cash-out refinances — where property owners borrow against the equity in their homes — fell to less than 17% of total mortgage loans in the second quarter, the smallest since late 2000, data released Tuesday by the Federal Housing Finance Agency showed.