Homeowners are cashing in on years of home equity gains, even as mortgage rates remain stubbornly high. Cash-out refinancing hit a nearly three-year high from April to June, according to ICE Mortgage Technology.

In a cash-out refinance, homeowners borrow more than they owe and pocket the difference, often for debt consolidation or home improvements. On average, homeowners pulled out $94,000, raising their monthly payments by $590 and interest rate by 1.45 percentage points.

Rising home values have made equity tempting, with total homeowner equity reaching $17.8 trillion. However, slowing home price growth in some areas has led to a decline in tappable equity.

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