In early 2026, U.S. homeowners withdrew $47 billion in home equity, mostly via second liens like HELOCs rather than cash-out refinancing, due to historically low mortgage rates locked in from 2020–2022. Homeowners hold nearly $17 trillion in equity, with $11 trillion tappable, but are cautious in accessing it. Equity is highest in Western and Northeastern metros, while some Sun Belt areas see declining equity due to price drops. Changes in interest rates could alter these trends.