You’ve likely benefited tremendously from the record appreciation in home values over the past year. Meanwhile, interest rates remain near historical lows. Below are several strategies to take maximum advantage of this huge economic benefit that may not last much longer.

In May 2021, U.S. home prices posted their biggest annual increase in more than two decades due to a shortage of homes for sale and low mortgage rates. The median home sale price topped $350,000, up about 24% from a year ago, which is the biggest 1-year price jump ever recorded. As a result, you’re likely sitting on a record amount of home equity.

Meanwhile, mortgage interest rates have remained near historical lows. As of June 26, fixed rates on