In the first quarter of 2003, 43% of refinanced Freddie Mac-owned loans resulted in new mortgages. These loans were at least 5% higher in amount than the original mortgages, reported Freddie Mac's quarterly refinance review.

This is compared to the first quarter of 2002, when 60% of refinanced loans had higher new loan amounts, and to the fourth quarter of 2002 when 41% of refinanced mortgages had higher new loan amounts.

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