[FL410]

> Nearly everyone either bought a new home or refinanced within the last 12-18 months due to historically low rates. This also means that almost all mortgages are pretty much capped out in terms of loan to value.

How do you figure? Refinancing does not, in most cases, mean taking additional equity out, thus LTV should not change for the majority of refis.

[MSM]

Admittedly, the raw numbers are difficult to find in an article I can link. However, there has been a significantly higher volume of cash out refis than we've seen in the last 15ish years.

https://www.housingwire.com/articles/cash-out-refis-reach-1-...

Cash out refis accounted for ~25% of all refinances in 2021 (roughly similar numbers in 2020). Remember at the start of the pandemic many people tapped their equity because of uncertainty and extremely low rates.