More Borrowers Lower Mortgages With Refis
In the fourth quarter of 2009, 33 percent of borrowers refinanced their loans and in the process, lowered the principal balance, Freddie Mac reported in its quarterly Refinance Report.
That’s the highest cash-in refinance share since Freddie Mac began tracking refinance transactions in 1985.
The share of borrowers who increased their loan balances by 5 percent or more during the fourth quarter was at a record low of 27 percent. From September of 2008 to November 2009, consumers cut $100 billion in revolving debt from their obligations, according to the Federal Reserve Board.
Source: Freddie Mac (01/26/2010)
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