Equity-rich mortgages fell to 46.2% of mortgaged residential properties during the first quarter of 2025, down from 47.7% during the fourth quarter of 2024, according to a report released Monday by Attom, a real estate data analytics company.

The rate of equity-rich mortgages — defined as a mortgage in which the loan balance is no more than half of the home’s estimated market value — peaked at 49.2% during the second quarter of 2024, according to Attom. But the current rate is still nearly double the mark seen during the first quarter of 2020.

Certain states have above-average levels of equity-rich mortgages, led by Vermont with a whopping 85.8% rate during the first quarter. New England neighbors New Hampshire and Rhode Island were next at 60.5% and 59.8%, respectively, followed by Montana at 59.4% and Maine at 58.9%.

Bringing up the rear was Louisiana, where only 20.3% of mortgages were equity rich during the first quarter. Maryland had the second-lowest percentage at 31.4%, while Illinois was slightly higher at 31.5%.