Despite a recent slowdown in price appreciations, homeowners with a mortgage in the U.S. saw their equity levels shoot up by 5.6 percent on average over the past year. This equates to $6,400 per homeowner according to the Home Equity Report released last week by CoreLogic.
Nevada once again led the nation with the biggest increase in equity levels, climbing $21,000, followed by Idaho ($20,700) and Wyoming ($20,300). Californians saw an average increase of $4,116.
These increases have pulled more homeowners out of negative equity territory. The number of households who owe more on their mortgage than their current home’s value has dropped to just 4.1 percent of all mortgage properties.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.