Real estate prices have risen sharply, making homes more valuable. Homeowners throughout the US are currently seeing a 20% increase in equity. While some homeowners are profiting from the surge by selling, this equity can also be tapped through home equity lines of credit and cash-out refinancing.
| Today’s Mortgage Rate | 2.807% |
| Change From Yesterday | -0.035 |
| Change From One Week Ago | -0.037 |
| Change From One Year Ago | -0.245 |
| Today’s Mortgage Rate | 2.231% |
| Change From Yesterday | -0.029 |
| Change From One Week Ago | -0.033 |
| Change From One Year Ago | -0.429 |
Many households are taking on additional debt as the real estate market surges. While current household debt figures are still well below the troubling numbers seen before the 2008 financial crisis, the numbers are increasing at the fastest rate in nearly a decade.
A new report examines the recipients of federal mortgage forbearance programs. It turns out that high-income mortgage holders received the majority of forbearance relief, while low-income mortgage holders were often left struggling.
Home equity is rising sharply, but home equity lines of credit are harder to obtain. Many banks have stopped offering HELOCs entirely, and others have tightened their lending requirements. A cash-out refinance is the best option for accessing your equity.
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