Freddie Mac just released its quarterly report on cash-out refinancings for 4Q09. No surprise that the percentage of refinances resulting in a 5% higher loan declined to 27% from 36% in the third quarter. This is the lowest percentage going back to 1Q02.
The median age of loans refinanced was 3.6-years, up slightly from 3.5-years reported in both the second and third quarters. The median appreciation of the property was a negative 2% compared with 0% previously.