Cash-out refinances have grown in popularity in recent years in tandem with ballooning home values across much of the country.
The Federal Reserve is prepared to cut interest rates this week for the first time since 2008, but the biggest source of debt for U.S. consumers—mortgages—has been getting cheaper since late last year.
Pending home sales rose in June, with activity particularly brisk in the western part of the U.S., a trade group said.
The Consumer Financial Protection Bureau is set to eliminate a regulatory loophole that made getting a mortgage more feasible for thousands of Americans. The consumer watchdog agency announced this month
Sales of previously owned U.S. homes declined in June, as high prices and low inventory weighed on would-be buyers.
Rates for home loans edged up as financial markets stabilized on hope about global trade, but held near long-time lows.
Pending home sales jumped by a seasonally adjusted 1.1% in May, beating the consensus forecast, the National Association of Realtors® reported.
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