Freddie Mac reported that 66% 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 balance in 2Q08,. 

This is up from 58% in the first quarter. However, the press release noted that the first six months of this year marked the lowest cash-out share since the fall and winter of 2004-2005. A year and two years ago, respectively, the percents were 84% and 88%.

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