Homeowners Raise Less From Refinancing
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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.
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