Sharp Rise in U.S. Mortgage Refinancing in 2002

NPR | By Jack Speer

Published December 26, 2002 at 12:00 AM EST

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.

Jack Speer

Jack Speer is a newscaster at NPR in Washington, DC. In this role he reports, writes, edits, and produces live hourly updates which air during NPR programming.

SUSTAIN what matters. BUILD what’s next.

With federal funding eliminated, WKAR relies more than ever on community support to sustain essential services that remain freely available to everyone in mid-Michigan. Your support helps shape what comes next for public media in our region. The best way to support WKAR is by becoming a sustaining member today or by upgrading your current gift. Support WKAR TV Here | Support WKAR Radio Here.