LPS: Home Equity Loan Market May Pick Up Slack from Refinance Market
The August Mortgage Monitor report released by Lender Processing Services indicates that refinance activity declined sharply in August as mortgage rates continued to rise. In conjunction with those rate increases, a large portion of borrowers has been effectively shifted out of the “refinancible” population. However, at the same time, according to analysis done by LPS, rising home prices and corresponding levels of equity for many borrowers may translate into opportunity for the home equity loan and lines of credit market.
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