2001 and early 2002 was $ Refinancing activity surged further in the second half of 2002: According to one set of Federal Reserve staff estimates, mortgage refinancings totaled $ billion in the third quarter of 2002 and more than $ billion in the fourth quarter of 2002, after averaging $ billion (quarterly rate) over the preceding six quarters.
From a macroeconomic point of view the refinancing phenomenon has very likely been a supportive factor. The precise effect is difficult to identify, since we cannot know for sure how much of the spending financed by equity cash-outs might have taken place anyway.