Despite a modest increase to interest rates at the beginning of the year, home appreciation showed few signs of slowing down.

In fact, two major indices that measure the health of home sale prices showed double digit increases year over year. The Case-Shiller National Home Price Index is up 12% while the 10-City Composite Index increased by nearly the same amount.

The new data make it clear that the housing market is still operating at a high level, reflecting overall improvement to economy. Relatively low interest rates, more jobs, bigger consumer savings and increased purchasing power are primarily fueling the market.

The recent numbers reflect the ninth consecutive month of accelerating prices, with some metric reaching highs not seen since 2006.

Changed by the pandemic, the market is driven by buyers who seek to move out of denser housing and into suburban homes as home price growth reached a new record earlier this year.

Homeowners are also presented with new opportunities as home prices continue to rise as well. They can tap into their growing home equity and access fast cash to pay for renovations, consolidate debt or save for an emergency.

Accessing funds is as easy as taking on a cash-out refinance, home equity or home equity line of credit loan. With a cash-out refinance, homeowners assume a larger mortgage that includes the borrowed amount. A home equity loan gets homeowners a lump sum. The loan is paid back beginning immediately at a fixed rate. Finally, a home equity line of credit, as the name suggests, works like a credit card. Homeowners are given a limit on credit, which is available for a fixed amount of time and features flexible payback options.

If you want to leverage your home equity and enjoy a low-cost and easy way to borrow a large amount of money, a refinance may be the perfect tool for the job.

A cash-out refinance may also allow you to lower your interest rate and achieve greater financial flexibility for your next big move.

Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs, and underwriting policies are subject to change without notice. The material presented in this publication is for information purposes only and not intended to advertise or solicit real estate business. While every effort has been made to ensure accuracy in the information contained herein, no guarantee is expressed or implied.  This is not an offer to extend credit or a commitment to lend. All loans are subject to underwriting approval. Some products may not be available in all states and restrictions apply.