Cash-out refinancings hit a 26-year low in the fourth quarter as 85% of borrowers maintained the same loan amount or reduced their principal balance after refinancing, according to a new report by Freddie Mac.

Only 15% of borrowers walked away from the closing table with cash in their pocket greater than 5% of the loan amount, the fourth quarter report says.  And only $5.5 billion was cashed out – the lowest amount in 16 years.

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