Black Knight: Refis Increase 50% in a Single Week Thanks to Lower Rates

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Posted To: MND NewsWire

There are two strong headlines in Black Knight’s new Mortgage Monitor . One is that the pool of homeowners for whom a refinance makes sense increased by 50 percent in a single week due to the sudden drop in interest rates. Another is the second consecutive quarterly decline in tappable equity nationwide. After rising more or less steadily for 14 quarters (starting in the third quarter of 2012), tappable equity retreated in both the third and fourth quarters of 2018. Tappable equity is the amount that a homeowner can withdraw through refinancing or a home equity loan (HELOC) without raising the loan-to-value ratio above 80 percent. Nationwide, home equity reached a high of $6.06 trillion in the second quarter of last year. Since then it has fallen by $348 billion, with $229 billion of that drop…(read more)

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