Reported 1 day ago
Home equity lines of credit (HELOCs) and home equity loans have seen significant increases in originations, with homeowners taking advantage of lower interest rates compared to other borrowing options. With many homeowners classified as 'equity-rich' due to rising home values, the trend is primarily driven by the need for cash for renovations and repairs. Current economic conditions discourage moving due to high mortgage rates, making borrowing against home equity more appealing for funding upgrades or consolidating debt.
Source: YAHOO