A record number of California homeowners took advantage of the low interest rates to refinance their homes during the second quarter, a quarterly real estate report said.
A total of 318,703 single-family residences and condos were refinanced statewide. That was up 70.9% from first quarter's 186,513 and up 35.2% from 235,786 for the April-to-June period last year, according to the Dataquick Report, a trend and market-share report published by Dataquick Information Systems.
The previous high was fourth-quarter last year with 301,138. There are 6.3 million residences in the state, so around one in 20 were refinanced last quarter.
The average refinance mortgage was $139,504 during the April-to- June period. During the first quarter it was $142,675, and a year ago it was $144,499.