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Cash Out Refinance Loans At 16-Year High Category: Bad Credit Mortgage
Homeowners continue to prefer cash out refinance loans to other forms of borrowing. Frank Nothaft, Freddie Mac vice president and chief economist, says,"Mortgage borrowers continue to refinance their mortgages at a higher frequency than historically would have occurred given the rise in mortgage rates over this year. But the wide proliferation of adjustable-rate mortgages (ARMs) originated in the past few years that are nearing their first interest-rate adjustment provides borrowers an incentive to refinance into a lower-cost ARM or fixed-rate mortgage.
