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Taking the time to shop around for home equity loans and HELOCs could pay off this month, experts say. Getty Images
Americans continue to fight an uphill battle with economic forces outside their control. Inflation is beyond its target, increasing the cost of goods and total expenses. Interest rates remain steady to help tame said inflation. Now, more price hikes might be in the future due to new tariffs.
These and the other economic factors that are looming can have a direct impact on your wallet. Because of this, consumers need to take advantage of the financial tools and resources available to them.
For homeowners, that can mean utilizing home equity borrowing options. Home equity loans and home equity lines of credit (HELOCs) provide access to capital with more favorable terms than other alternatives. And, right now could be a good time to shop around and review your options with multiple home equity lenders. Here’s why.
Find out how low your home equity borrowing rate could be now.
Why you should shop for home equity loans and HELOCs now
We spoke to home lending experts about why you should shop for home equity loans and HELOCs this April. Here’s what they have to say:
There’s no Federal Reserve meeting in April to impact rates
What the Federal Reserve does with the federal funds rates tends to affect the cost of borrowing. While everyone is holding their breath and hoping for rate cuts in the future, the Federal Reserve left rates unchanged after the March meeting.
There isn’t a Federal Reserve meeting scheduled for April, which means there’s no decision pending by the Fed that could impact rates this month. So, while that means there won’t be any cuts, there won’t be any increases, either. This can make it a good time to look into home equity loans and HELOCs.
Compare your top home equity borrowing options online today.
HELOC rates are on a downward trajectory
Whenever you borrow, the interest rate is a major factor to consider. Now, taking out a home equity line of credit just got more affordable. HELOC interest rates dipped below 8% for the first time since 2023. Before this major milestone, HELOC rates were on a small but steady downward trajectory. HELOC interest rates are typically variable, so if the trend continues, you can still benefit.
Why you should shop for home equity loans and HELOCs this April, according to experts
