Homeowner equity growth shows no signs of slowing

Homeowner equity growth shows no signs of slowing

Homeowner equity growth shows no signs of slowing
Homeowners in the U.S. are continuing to reap the benefits of a competitive housing market. Home equity levels, as reported by CoreLogic, climbed $428 billion since the second quarter of 2018. Negative home equity decreased over the same period with the total number of mortgaged residential properties in the red declining to 7 percent.

In addition to rising home market prices driving equity levels higher, homeowners have leveraged low mortgage rates to utilize a cash-out refinance and have reinvested those funds in home renovations which increase values as well.
California homeowners have seen home equity gains of approximately $2,000 year-over-year.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.125 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.