NEW YORK (Bloomberg) – Home equity got its biggest bump in more than 60 years as U.S. homeowners look to dig themselves out of mortgage debt.

Home equity rose by 7.3 percent to $6.7 trillion in the first quarter, its highest level since 2008 and the highest percentage jump in over 60 years, according to a Bloomberg analysis. Meanwhile, residential mortgage debt has fallen 7 percent from the 2007 peak of $10.6 trillion.

More homeowners are taking advantage of low interest rates to refinance existing mortgages. In fact, refinancing applications are at an all-time high. Additionally, more people are choosing 15-year mortgages that help homeowners pay down debt more quickly.