With HELOC rates dropping to a 2024 low, it may not make sense for borrowers to wait longer to apply. Here's why.
The steady decline in home equity line of credit interest rates continued this week. According to new data released by Bankrate, the average rate on a $30,000 HELOC fell to 8.55% as of December 4. That's the lowest it's been in all of 2024 after starting at 10.16% on January 3, 2024, making now a great time to access your home equity with this unique product. And with the average home equity amount hovering around $320,000 currently, there's likely plenty of money to utilize.
Compare your current HELOC options online today.HELOC rates adjust independently. What happens if you apply and secure a HELOC now … and rates fall in February or March? Borrowers won't need to worry about this scenario as their HELOC interest rate is variable and, thus, it will adjust independently each month. So if rates decline in 2025, so will your HELOC rate. On the other hand, if rates rise, so will your HELOC rate.
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