Homeowners Raise Less From Refinancing
The amount of money raised by turning home equity into cash fell by half in the last three months of 2003 from a record in the third quarter as refinancing dropped to an 18-month low.
A decline in refinancing prompted by higher mortgage rates put the dollar volume of the so-called cash-out loans at $135.6 billion, down from $277.2 billion, according to a report from mortgage financier Freddie Mac in McLean, Va.
Cash-outs have buoyed the economy by giving homeowners the ability to spend on home renovations, cars and vacations.
From Bloomberg News
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
