current home equity loan rate
Report: Borrowing Against Your Home More Expensive
Washington, DC (AHN) - It's getting more expensive for customers to borrow against their homes as the Federal Reserve continues to raise interest rates. The Federal Reserve in late June voted to raise short-term interest rates for the 17th consecutive time.
Currently, interest rates are at 8.2 percent. That's an increase from 8.01 percent the week earlier and the highest since March 2001 when the rate was 8.25 percent.
Analysts say a year ago, equity lines of credit were an average of 6.38 percent. Two years ago, it was 4.83 percent.
There are several alternatives for consumers. You can pay down the lines of credit, or shift to a fixed-rate home equity loan. The home equity loan may be the way to go since they're averaging 7.8 percent.
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More current home equity loan rate info
Put A Lid On Rising Mortgage Payments
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? Or perhaps you've had an unexpected financial hit such as a large hospital bill or a job loss that has made your current mortgage payments unreasonable. If so, refinancing your mortgage can be a great way to save money every month.
Refinancing your mortgage also lets you consolidate other debt, such as credit card balances, into one low-interest loan. You may also want to consider converting some of the equity in your home to cash to use for large expenses such as college tuition or home improvement.
Online services like Refinance.net make it easier than ever to find the best deal on refinancing your home.