Americans Tap $8.3 Billion in Home Equity, Least in a Decade
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Americans in the second quarter tapped the smallest amount of home equity in a decade, showing households are focused on repairing tattered finances.
Owners took out $8.3 billion while refinancing prime home loans as borrowing costs dropped from April through June, down from $8.4 billion in the previous three months and the least in 10 years, according to a report today by McLean, Virginia-based Freddie Mac. Twenty-two percent chose to reduce loan principal, matching the third-highest rate since records began in 1985.