As higher interest rates raise the cost of borrowing money, more people are cashing in on their home equity.
Americans took in $66 billion in home equity lines of credit, or HELOCs, in the second quarter, up 40% from a year ago and the largest amount in nearly three years, according to data from real estate analytics firm Attom Data Solutions. These accounts, which allow homeowners to borrow against the value of their homes, are now making a comeback higher rates Make it less suitable for mortgage refinancing.