The value of homes in the U.S. continues to rise and this is translating in to record levels of equity homeowners have built up. According to new data from CoreLogic, the growth in home equity over the past few months is unprecedented.
Data and Analytics President for CoreLogic Ben Graboske described the Q2 growth as “astonishing,” adding that it is the largest annual equity growth he has ever witnessed. “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.”
The surge in home values will be especially helpful to those who are looking to leverage their homes equity’s in a cash-out refinance. Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 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.