Those with mortgages are bank-hopping at record rates, but not necessarily to get lower interest rates. 

More than 3,500 holders switched nearly two and a half billion dollars of debt between loan providers last month. 

It's the highest since records began in 2017. 

Cotality Chief Property Economist Kelvin Davidson says it reflects a mix of factors including short term loans, minimal or no break fees, and cash-back incentives. 

He told Ryan Bridge it’s reasonably common to get 0.7-0.8% of the loan value as a cashback, up to certain caps, so it would make sense for people who are potentially under cashflow stress. 

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