The percentage of homeowners who took extra cash when they refinanced mortgages dropped last year, according to Freddie Mac's annual refinancing survey.

Freddie said 48% of those who refinanced mortgages took out loans of 5% or more above the balance due on their original mortgages, down from 59% in 1997.

Nearly 52% of all 1998 mortgage loans were for refinancings, Freddie Mac said.

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