The Federal Reserve Bank of New York noted a recent boost in home equity line of credit (HELOC) borrowing that it attributes to the mortgage rate lock-in effect. The study finds that 1.3 million HELOCs were originated in 2023, as cash-out refinances have dropped to near record lows.
HELOC Issuance on the Rise Due to Elevated Mortgage Rates
Published on August 9, 2024
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