The City With the Most Cash-Out Refi Borrowers Is…
April 2, 2018
Now, here is a data survey that hasn’t been tapped recently: An analysis of housing markets based on cash-out refinancing activity.
According to statistics released by LendingTree, Albany, N.Y., leads the nation’s major metro markets with the greatest share of refinance mortgages funded with cash-out portion: 73 percent, with an average loan amount of $166,504. Portland placed second with a 72 percent share and an average loan amount of $266,152, followed by Cape Coral, Fla., with a 72 percent share and an average loan amount of $162,975. Rounding out the top five are Boise City, Idaho, with a 72 percent share and an average loan amount of $209,033, and Scranton, Pa., with a 71 percent share and a $142,666 average loan amount.
As for the cities with the highest loan amounts for refinance cash-outs, the national leader was a city that rarely shows up at the top of housing data charts: Bridgeport, Conn., where the average loan amount is $453,307. Second and third places were taken up by a pair of Bay Area metros: San Jose, with an average loan amount of $451,777, and San Francisco, with an average loan amount of $442,099. Honolulu placed fourth with an average loan amount of $415,224 and San Diego came in fifth with an average loan amount of $373,039.
“Cash-out refinance loans have risen to 62 percent of all refinances in first quarter of 2018, up from 54 percent in the first quarter of 2017,” said LendingTree Chief Economist Tendayi Kapfidze.
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