The $14.1 billion lending spike: Did you grab a cash-back?

December saw a record $14.1 billion in mortgage lending, largely driven by a $5.8 billion surge in bank switching, or refinancing. The main driver was not just better interest rates, but significant cash-back offers from major banks, which were ramped up to 1.5% of the loan value.

This activity was led by 'safe' borrowers taking rational advantage of the situation. While the largest cash-backs have since been reduced, smaller incentives may still be available for homeowners.