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Home Price Gains Are Not Boosting Borrowing
While home prices have rebounded strongly over the past two years, there's little evidence that Americans are borrowing from their homes to extract any of their recovered equity, according to a new report. Borrowers with conventional loans pulled just $6.5 billion out of their homes during the first quarter through cash-out refinancing, down from $6.7 billion during the prior quarter, according to a survey released by Freddie Mac. Cash-out refinancing has been lower only in three quarters since mid-2000, and adjusted for inflation, cash-out refinancing in since 2010 has been near its lowest levels since 1997.
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