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Sharp Rise in U.S. Mortgage Refinancing in 2002

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Sharp Rise in U.S. Mortgage Refinancing in 2002

Business

Sharp Rise in U.S. Mortgage Refinancing in 2002

Sharp Rise in U.S. Mortgage Refinancing in 2002

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  • <iframe src="https://www.npr.org/player/embed/890984/890985" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">

Taking advantage of low interest rates and service costs, there was a sharp upswing of mortgage refinancing among U.S. homeowners in 2002. Many took cash out of their properties to pay off credit card debt, remodel their homes or put money in the bank. NPR's Jack Speer reports on whether the trend has run its course.