Balances on home equity lines of credit (HELOCs) rose by $23 billion in the third quarter, their largest increase since 2005, according to the Federal Reserve Bank of New York. With $481 billion outstanding, they recorded their 18th consecutive quarterly increase as the housing market was held back by the mortgage rate lock-in effect. Homeowners are retaining low-rate mortgages, but the average rate on a $30,000 HELOC reached 7.49%. According to Intercontinental Exchange, they collectively hold $17.5 trillion in home equity, with accessible equity averaging $204,000 per borrower.
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