Home equity loan rates are low right now, but you still need to know what the monthly costs would be if you borrow.
If you're considering a home equity loan, this could be an ideal time to explore your options. After all, homeowners have seen significant growth in their home equity over the past year and the average homeowner has about $327,000 in equity currently. Plus, with the Federal Reserve cutting its benchmark rate by 50 basis points recently, borrowing against that equity has become more affordable.
Conversely, the 15-year option provides lower monthly payments, which may be more manageable for some borrowers, but results in paying more interest over time.Find out what home equity loan rates are available to you here.The impact of future Fed rate cutsWhile today's home equity loan rates are attractive overall, there may be potential for even greater savings soon.
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