HELOC balances see largest increase in 20 years
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View chart & analysis → - 1Homeowners used home equity lines of credit at the highest rate in 20 years during the third quarter.
- 2HELOC balances surged by $23 billion in the three months ending September 30, reaching $481 billion in outstanding balances.
- 3A trend to maintain low rates emerged as 49.1% of outstanding mortgages in the second quarter had interest rates below 4%.
So what's the key point?
The number of people borrowing money against their homes has increased at the fastest rate in 20 years. Many people are using these loans to try to keep their interest rates low.
Source CNBC · View original ↗
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