How low will home equity loan interest rates drop in November?
"HELOC rates are typically tied to prime, so they are impacted when the Fed lowers or raises the federal funds rate. I believe these rates will remain flat, but if the Fed lowers the rate in November, you may see a small drop in HELOC rates—not much to get excited about, but every little bit helps," Whitehead says.
This is why home equity loan rates, for example, are almost three times less expensive than credit cards are right now.
Explore when it makes sense to get a home equity loan or home equity line of credit, what to keep in mind before borrowing and other financing options available for upgrading your home.
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