More Home Refinancers Taking Cash at Closing

Washington, DC, Nov. 10, 2014 -- Borrowers cashed out an estimated $8 billion in home equity through refinancing of conventional mortgages in the third quarter, according to Freddie Mac’s quarterly refinancing report.

That's up from $5.6 billion in the second quarter and $6.1 billion in the third quarter of last year.

Freddie said that about 28% of refinancing borrowers took cash out in the third quarter, compared with 21% in the second quarter and 14% in the third quarter of 2013.

That compares to the peak of cash-out volume, $84 billion, in the second quarter of 2006.