Homeowners Opt to Refinance to Get Cash

Thursday, January 2nd, 2020

Many U.S. homeowners who need cash are taking it out of their properties. This recent trend illuminates the crosscurrents in the U.S. economy: After roughly a decade of rising home prices, homeowners are flush with record amounts of home equity they can tap. But many Americans remain short on cash and are increasingly relying on debt to fund their lives. While mortgage rates have crept slightly higher lately, they are still lower than what borrowers would pay if they tapped a credit-card or home-equity line of credit. Cash-out refis made up a significant share of refinancings in the third quarter, […]

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