Mortgage refinancing is hot, but using your home as an ATM is not

  • The average amount cashed out dropped to $51,600 from $63,000 the prior quarter.
  • The total volume of equity withdrawn in the quarter fell to $37 billion, the lowest equity withdrawal since the second quarter of 2019.
  • “To be sure, consumers’ memories of the great recession have likely been re-stoked by recent pandemic-related economic distress,” said Andrew Walden, Black Knight economist and director of market research.



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Mortgage rates have been sitting near record lows since the start of the pandemic, and while millions of Americans have already refinanced their home loans this year, very few of them have taken cash out in the process.

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Cash-out deals made up just 27% of all mortgage refinances in the third quarter of this year, according to Black Knight, a mortgage technology and data provider. That is the lowest share in 7 years.

Those who are taking money out

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