Cash-out refinance activity remained strong in the fourth quarter of 2006 though it was down from 3Q06, according to Freddie Mac.

The agency reported that in the fourth quarter of last year, 84% of Freddie Mac-owned loans that were refinanced resulted in new mortgages with loan amounts that were at least 5% higher than the original loan balances. This compares to 87% in the third quarter.

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