Cash Out Refinance Transactions at Highest Level in 15 years

McLEAN, VA – In the first quarter of 2006, 88 percent of Freddie Mac-owned loans that were refinanced resulted in new mortgages with loan amounts that were at least five percent higher than the original mortgage balances, according to Freddie Mac’s quarterly refinance review. This percentage is up from the fourth quarter of 2005, when the share of refinanced loans that took cash out was a revised 81 percent, and is the highest since the third quarter of 1990

“Refinancing activity still remains very strong, even with higher interest rates,” said Amy Crews Cutts, Freddie Mac deputy chief economist. “Total mortgage originations were down in the first quarter by an estimated 24 percent.
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