Cash-out refinancing shares tend to rise when refinancing falls but cash-out refinancing remains historically low considering how real estate values have risen in recent years https://t.co/fYGwUMebK2
Cash out volumes are actually *down* from a year ago. Cash out refi shares tell you more about the denominator than the numerator in this case.
This is the key worry for loan guarantors like Fannie and FHA: “There are issuers that really want to make their profitability targets. The only way to do it is to convince borrowers to take cash out of their house.”