Recent home price declines are leading to decreased tappable equity, but there are still opportunities in home equity lending, according to a report published by Home Equity Lending News.While 30-year fixed rates on first mortgages are far from the 4% range which many existing first mortgages were refinanced to during the pandemic the number of transactions where a second mortgage makes more sense than a first mortgage diminishes each time first-mortgage rates decline another 100 bps, according to the second mortgage market insights Q2 2023 report.
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