More homeowners are taking advantage of rising home values through cash-out refinances. According to Black Knight Financial Services, the second quarter of 2015 saw the highest volume of this type of refinance in five years.
"People realize that refinancing these funds is extremely inexpensive and that rates will eventually rise, so they're capitalizing on the strength of home price appreciation," Ben Graboske, senior vice president at Black Knight Data & Analytics, tells CNBC.
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