some questions

[good boy]

What does "both" in the following context refer to?
Does "borrowing more" refer to "borrowing more money from a bank"? If it does, then what's the difference between "borrowing more" and "refinancing mortgages"? Since in my opinion, "refinancing mortgages" also means borrowing money".
Does "as" mean "when"?


(In the euro area, it is much harder to turn capital gains into cash by borrowing more as home prices rise or to benefit from falling interest rates by refinancing fixed-rate mortgages, both of which have given a big boost to American household spending. )

Thank you very much.

[MikeNewYork]

What does "both" in the following context refer to?
Does "borrowing more" refer to "borrowing more money from a bank"? If it does, then what's the difference between "borrowing more" and "refinancing mortgages"? Since in my opinion, "refinancing mortgages" also means borrowing money".
Does "as" mean "when"?


(In the euro area, it is much harder to turn capital gains into cash by borrowing more as home prices rise or to benefit from falling interest rates by refinancing fixed-rate mortgages, both of which have given a big boost to American household spending. )

Thank you very much.

Both refers to borrowing money against the increased equity in a house and refinancing a mortgage at a lower interest rate. Both put more spending money in the hands of the owner. Refinancing an existing mortgage is different from borrowing more money because the equity has increased.