Homeowners tap equity as HELOC balances post biggest jump since 2005: New York Fed report

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Homeowners tapped their home equity lines of credit in the third quarter at the highest rate in more than two decades, according to a new Federal Reserve Bank of New York report on household debt released Tuesday. Balances on HELOCs jumped by $23 billion during the three months ending Sept. 30, the largest increase since 2005. That brings the outstanding amount owed to $481 billion, the report shows. This also marks the 18th consecutive quarterly increase. HELOC balances peaked at roughly $714 billion in the first quarter of 2009, according to a 2015 New York Fed report . The current rise in balances comes amid a sluggish housing market, due at least partly to the so-called mortgage rate lock-in effect. Just under half of outstanding mortgages — 49.