Delinquency rates on home-equity loans have dropped to the lowest levels since 2008, according to newly released data from the American Bankers Association.

Delinquencies are based on a late payment that is 30 days or more overdue.

“As property values improve, fewer people have negative equity in their homes,” said James Chessen, American Bankers Association chief economist. “Greater household wealth and income gives consumers more breathing room to meet their financial obligations.”

The delinquency rate for fixed-term, home-equity loans dropped to 3.12 percent in the first quarter, the lowest rate since December 2008. The delinquency rate still remains above the 15-year historical average of 2.75 percent.

Delinquency rates on home-equity lines of credit also dropped in the fourth quarter from 1.48 percent to 1.42 percent – the lowest level in nearly seven years. It remains above the long-term average of 1.12 percent.

As home prices rise, more homeowners are tapping into their equity. One in owners have a home equity line or loan, according to the 2015 BMO Harris Bank Homebuyers Report.