More Fuel for Mortgage Refinance Boom: Home Equity Reaches Record High

By
Mortgage and Lending with ChangeMyRate.com® A Mortgage Corporation NMLS #1326269

 

Americans’ home equity reached another record high in the second quarter, according to a new report by mortgage data firm Black Knight. That metric, along with still-low mortgage rates, sets the stage for a continued boom in mortgage refinancing.

Black Knight says “tappable home equity” — the equity homeowners could borrow against while maintaining a loan-to-value ratio of less than 80 percent — jumped to a record $9.15 trillion at the end of June.

“U.S. homeowners with mortgages gained another $1 trillion in tappable equity in the second quarter alone,” says Ben Graboske, Black Knight’s president of data and analytics. “This is by far the strongest growth we’ve ever seen and equates to some $173,000 in equity available to the average mortgage holder, a $20,000 increase in just three months.”

To learn more about mortgage refinance boom and the home buying process, visit the SCOOP! Blog

Comments (1)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Jackie. Responsible use of the equity in your home can be a good thing. Enjoy your day 

Sep 13, 2021 03:44 AM