Should you open a home equity loan before the December Fed meeting? [CBS News]
CME Group Inc. - Class A (CME)
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Source: CBS News
During the height of the pandemic in 2020 and 2021, for example, interest rates were near zero, allowing homebuyers to purchase homes near record-low rates. Those rates surged, however, in the following years thanks to inflation and a spike in the federal funds rate . So if you waited to act, you may have paid exponentially more than you would have a few years earlier. One borrowing option that has taken on new relevance in recent years comes via your home equity Interest rates on home equity loans and home equity lines of credit (HELOC) have been materially lower than some popular borrowing options. And the amount the average homeowner can access is currently around , which is many times higher than what many can get with a credit card or personal loan. Still, the timing surrounding a home equity loan application is also critical to get right. And with the final Federal Reserve meeting of 2024, and another predicted interest rate cut, scheduled for later this December, many homeo
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