PLEASANTON, Calif.–American homeowners are sitting on a “record pile of housing wealth,” and more of it is within reach, according to a new analysis.
ICE Mortgage Technology’s latest Mortgage Monitor shows total home equity at an all-time high entering Q3 of 2025, with roughly $17.8 trillion in aggregate equity and $11.6 trillion “tappable” while keeping a 20% cushion.
About 48 million mortgage holders have access, averaging $213,000 apiece, the company said.
“Homeowners are actively drawing on record equity with cash-out refinance loans, signaling increased demand despite elevated rates,” Andy Walden, head of Mortgage and Housing Market Research at ICE, said in August, said in a statement.
60% are Cash-Outs
The company’s data show that in Q2, cash-out refinances accounted for 59% of all refi transactions. Most paid for the privilege as roughly 70% accepted higher rates, averaging a 1.45-percentage-point increase, to tap an average of $94,000. They also saw monthly payments rise by about $590.
The equity surge hasn’t been uniform, with ICE noting the pace of growth has slowed to a two-year low, with several Sun Belt and Western markets giving back gains. Cities like Austin and Deltona, Fla., have seen tappable equity per borrower fall more than 25% from recent peaks. About 1% of mortgage holders (roughly 564,000) are now underwater, according to ICE Mortgage Technology.
Other Complications
There are other issues at work, as well.
“Property insurance costs continue to be the fastest-growing subcomponent of mortgage payments among existing homeowners,” Walden said in a statement. “Premiums rose 4.9% so far in 2025, 11.3% over the past 12 months, and nearly 70% in five and a half years.”
Los Angeles saw premiums jump 9% in six months and 19.5% year over year, while Florida actually saw some moderation including declines in select markets.
