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.
Pope of the Dictionary.com Forum