ICE: Mortgage Holder Equity Hits Record $18 Trillion

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Intercontinental Exchange Inc., Atlanta, released its August 2026 Mortgage Monitor Report, finding that mortgage holder equity hit a record $18 trillion in July.

“Mortgage holder equity hitting $18 trillion is a remarkable milestone–one that reflects just how much wealth American homeowners have built,” said Andy Walden, head of mortgage and housing market research at ICE. “The spring market provided a meaningful boost to both prices and equity, and we’re seeing those tailwinds work through the data now. At the same time, rates have trended higher since early in the year, which may soften how much additional acceleration we’re likely to see in the second half.”

Among mortgage holders, 47.5 million hold $11.7 trillion in tappable equity, an average of $212,000 per borrower.

However, approximately 813,000 borrowers are underwater, up 44% year-over-year. Those are largely concentrated among FHA and VA borrowers, and in Texas and Florida, where price declines from the peak have been pronounced.  

Annual home price growth also reached a 14-month high, at 1.5%. That’s the fifth consecutive month of acceleration.

Another key takeaway: buyers purchasing bank-owned REO properties did so at a 27.5% discount compared with similar sales in June. That’s the largest drop in nearly two decades.