Economic and Housing Research
Mortgage rates were little changed amid a light week of economic data releases. Of the few releases, total nonfarm payroll employment rose by 203,000 in November and the unemployment rate declined to 7.0 percent. Also, single family mortgage debt outstanding increased for the first time since 2008. This is a positive sign as it reflects that the pick-up in new purchase-money originations has offset loan paydowns and led to a net increase in principal outstanding.
>> Next Commentary: December 19
Refinancing Activity Reports
Freddie Mac compiles statistics and produces two quarterly reports, the "Cash-out Refinance Report" and the "Refinance Product Transition Report" based on loans refinanced in our retained portfolio:
Q3 2013 Refinance Report
Refinance Cash- Two-in-Five Borrowers Shorten Term When Refinancing
November 12, 2013
Refi Booms End Quickly As Rates Come Off Lows
37% Shortened Loan Term When Refinancing
15% Took “Cash-Out” At Refinance vs. 89% in Q3 2006
Borrowers Cash-Out Just $6 Billion When Refinancing
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