Home equity lines of credit have been a key area of improvement among consumer loan types, a report Thursday from the American Bankers Association shows.
The delinquency rate for this product fell to 1.57% in the first quarter, down from 1.91% a year earlier, the trade group said.
Home equity lines of credit have drawn
"Home equity line delinquencies have fallen back to what they were five years ago," ABA Chief Economist James Chessen said in a press release.
Broadly, consumer loan delinquencies remained near record lows in the first quarter. The ABA's composite index of eight types of closed-end loans rose four basis points from the fourth quarter to 1.63%—just a few basis points above its all-time low.
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