Mortgage Equity Withdrawal Still Strong in Q2

Homeowners now relying on Home Equity lines to extract equity

Refinance activity declined sharply this year as mortgage rates increased, and I was expecting MEW to also decline in Q2 as fewer homeowners used cash-out refinancing. However, homeowners have switched to using home equity loans (2nd loans) to extract equity from their homes. From Black Knight:

While withdrawals via cash-out refinances fell by 30% from…