Home equity is up 6%: 3 things homeowners should do with it right now
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While inflation, interest rates and home prices all may be higher than many Americans would prefer right now, there have been a few silver linings. One of those became clear this week after the latest Intercontinental Exchange (ICE) Mortgage Monitor report was released. The report showed homeowners in possession of $313,000 worth of home equity, on average.
AI Summary
Main Idea: Intercontinental Exchange’s latest mortgage report shows home equity is up 6% year over year, and the article says homeowners can use that value in a few smart ways.
Key Points:
- The average homeowner now has about $313,000 in home equity, which gives many people more borrowing power.
- Home equity loans and HELOCs may be useful for home upgrades, and the interest may be tax-deductible in some cases.
- These loans can also be used to pay off high-interest credit card debt, since home equity rates are much lower.
- Some homeowners may use equity to invest in income-earning moves, like starting a business or buying rental property.
Impact on the People
Negative Impact
Using home equity can put a house at risk if payments are missed, and borrowing more against home value can leave families less protected if prices fall.
Positive Impact
Lower-cost home equity loans and HELOCs may help some households pay down expensive credit card debt, fund repairs, or start small income projects.
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- Intercontinental ExchangecompanyMajorEvaluated
Named company whose Mortgage Monitor report supplies the central home-equity figures in the article.
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Named editor credited at the end of the article; only a minor mention.
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