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FrontRow · Nov 10, 2026

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Homeowners tapped their home equity lines of credit in the third quarter at the highest rate in more than two decades, according to a new Federal Reserve Bank of New York report on household debt released Tuesday. Balances on HELOCs jumped by $23 billion during the three months ending Sept. 30, the largest increase since 2005. That brings the outstanding amount owed to $481 billion, the report shows. This also marks the 18th consecutive quarterly increase. HELOC balances peaked at roughly $714 billion in the first quarter of 2009, according to a 2015 New York Fed report. The current rise in balances comes amid a sluggish housing market, due at least partly to the so-called mortgage rate lock-in effect. Just under half of outstanding mortgages — 49.1% — carried rates of 4% or lower in the second quarter, according to a Realtor.com analysis of federal mortgage data, leaving many owners reluctant to give up their low rates to purchase another home at current higher borrowing costs.

Homeowners tapped their home equity lines of credit in the third quarter at the highest rate in more than two decades, according to a new Federal Reserve Bank of New York report on household debt released Tuesday. Balances on HELOCs jumped by $23 billion during the three months ending Sept. 30, the largest increase since 2005. That brings the outstanding amount owed to $481 billion, the report shows. This also marks the 18th consecutive quarterly increase. HELOC balances peaked at roughly $714 billion in the first quarter of 2009, according to a 2015 New York Fed report. The current rise in balances comes amid a sluggish housing market, due at least partly to the so-called mortgage rate lock-in effect. Just under half of outstanding mortgages — 49.1% — carried rates of 4% or lower in the second quarter, according to a Realtor.com analysis of federal mortgage data, leaving many owners reluctant to give up their low rates to purchase another home at current higher borrowing costs.

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