ICE Mortgage Technology reports that Q2 saw the strongest mortgage origination volume in nearly three years, driven by both purchases and cash-out refinances. Tappable equity hit a record $11.6 trillion, with the average homeowner holding $213,000 they could access while keeping 20% equity.
Cash-out refinances made up 59% of all refinances, with borrowers pulling an average of $94,000—often taking on higher rates and adding about $590 to monthly payments. While equity growth is slowing in some markets, especially parts of the Sunbelt and West, overall homeowner equity remains at historic highs, signaling strong borrowing potential when rates ease.
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By: Jon Iacono