2024 Q1 US mortgage holder home equity nears record high at $17 trillion, up 70% from pre-pandemic levels; high interest rates hinder equity access.

Home equity for US mortgage holders is near a record high, reaching $17 trillion in Q1 2024, just below the record set in Q3 2023. The average equity per borrower increased to around $305,000 from a year earlier, up almost 70% from pre-pandemic levels. However, high interest rates make it challenging to tap into this equity, as financial advisors warn. The rise in home equity is primarily due to rising home prices.