Reported 2 months ago
According to the New York Federal Reserve's Quarterly Report, more Americans are leveraging home equity lines of credit (HELOCs) to access funds while retaining their low mortgage rates. HELOC balances have risen 20% since late 2021, easing the burden of high borrowing costs and declining mortgage originations. As of mid-2024, total home equity credit increased to $380 billion, with older homeowners being the primary beneficiaries. The report also noted that while overall consumer debt rose, struggles with debt payments continue, particularly among young borrowers.
Source: YAHOO