Home Equity Hits Record Highs: Is Now the Right Time to Refinance?
- 14 Days To Close
- Jun 3
- 2 min read
If you're a homeowner, you might be sitting on a hidden source of serious cash. With tappable home equity now totaling $11.5T, the latest June ICE Mortgage Monitor report shows that more than 48 million U.S. homeowners now have, on average, over $200,000 in accessible home equity. Your home could be holding a record amount of untapped cash. More and more homeowners are catching on. Since the start of the year, borrowing against equity has surged 22% as it became easier and cheaper to access. Let's talk about what this means and how you can take advantage of it.
The good news is that many homeowners with high equity now owe only about half of what their home is worth. That creates a strong financial cushion and plenty of equity to work with. Even better, the cost of accessing that equity has recently come down. While home prices aren’t soaring as rapidly as they were during the housing boom, values are still rising. In markets like New York and Chicago, growth has been even stronger. Together, this means your home’s value, and the equity you’ve built, remains in a very solid position.
HELOC Withdrawals at All-Time Highs
HELOC rates dipped below 7.5% in March. The combination of low rates and booming equity's led to the highest first quarter HELOC withdrawals in 17 years. While 8% is higher than historic lows, it’s important to keep things in perspective. Credit cards often charge over 20%, and personal loans typically run above 12%. When you compare those options, using your home’s equity can be a much smarter and more affordable way to pay for things like renovations, debt consolidation, or education costs. Waiting for the perfect rate isn’t always realistic. With equity levels at record highs and borrowing costs starting to ease, this could be a great time to explore your options.
For more pros and cons of HELOCs, check out our blog Cash-Out Refinance vs. HELOC: Which is the Best Option?
Should I Refinance Right Now?
If your home has gone up in value, refinancing could be a smart move. With equity near historic highs, many homeowners are now in a strong position to get better loan terms. Refinancing could lower your monthly payment, help you pay off your mortgage faster, or unlock cash from your equity for things like home improvements, debt consolidation, or other big goals. Yes, there are some upfront costs, but when your equity is higher, you may qualify for better rates or loan options which can lead to real long-term savings.
Know Your Options
Your home equity isn’t just a number. It’s a real asset you’ve worked hard to build. Whether you’re thinking about refinancing or using part of your equity to reach a financial goal, the opportunity is real. At 14 Days To Close, we specialize in fast, efficient closings without the usual hassle.
