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Fewer borrow from home equity

BUSINESS BRIEFING / MORTGAGES

October 31, 2008|From Times Wire Services

The amount of money that U.S. homeowners pulled out of their homes remained at a four-year low in the third quarter as higher mortgage rates cut the number of borrowers who refinanced, mortgage company Freddie Mac said.

Homeowners "cashed out" about $99 billion in equity during the first three quarters of the year, the lowest amount since the first nine months of 2004, Freddie Mac said.

The $99 billion is half the amount taken out in the same period last year, said Amy Crews Cutts, deputy chief economist at Freddie Mac.

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