Similarly, refinancing and the cash-outs associated with them accelerated last year as the decline in mortgage interest rates on new loans far exceeded the modest decline in the average rate on all outstanding regular home mortgages. This wider spread between the current mortgage rate and the rate on outstanding loans, as you all know, markedly increased the incentive to refinance.
I also thank Mr David Marsh, Chairman of the OMFIF who has kindly accepted to moderate today’s panel discussion. On this note, I wish you all successful deliberations. Ladies and gentlemen, Thank you for your attention. 3/3  BIS central bankers' speeches