As Mortgage Rates Rise Cash Out Refinance Jumps As People Need Money To Live

As Mortgage Rates Rise Cash Out Refinance Jumps As People Need Money To Live.

Homeowners are utilizing record-high home values to take advantage of cash-out refinancing, according to mortgage analytics firm Black Knight. Cash-out mortgage refinancing demand has risen 33% over the past year, driven by a 32% rise in tappable equity, the report showed. That's despite the fact that mortgage rates have been rising slightly over the past few months.

"This shift tends to happen in any rising rate environment, never mind one in which American mortgage holders have more than $9 trillion in tappable equity available to them," Black Knight Secondary Marketing Technologies President Scott Happ said.

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