Mortgage Holders Gain $1.2 Trillion in 1Q Tappable Equity

The least-affordable housing market in nearly two decades provides at least one windfall—the average home has gained nearly 9 percent in value since just the start of 2022, with homeowners gaining more than $1.2 trillion in equity in the first quarter, said Black Knight, Jacksonville, Fla.

Borrower Behavior Changing as Home Affordability Drops

Though home price appreciation slowed slightly in March, 30-year mortgage interest rates above 5 percent have pushed affordability to nearly its worst-ever level, said Black Knight, Jacksonville, Fla.

Black Knight: Annual Price Growth at Record High

Black Knight, Jacksonville, Fla., said home prices rose by 1.84% in February – nearly four times the 25-year average for the month – marking the 14th month of the pandemic to see greater than 1% monthly growth.