There are steps you can take to get a lower home equity loan rate — even in today's high-rate environment.
Today's high interest rate environment has made borrowing more expensive than many had grown accustomed to in recent years. After a series of hikes, the federal funds rate has remained at 5.33% for over a year, up nearly three percentage points from the 2.41% peak in 2019 and up 5% from the 0% rate during the pandemic.
'Don't be afraid to negotiate and let the lenders know about your other offers, there is always wiggle room,' says Lovison. Consider a shorter loan termThe specifics of the loan you're requesting will also impact your interest rate, so if you want a lower rate, you may want to consider a shorter home equity loan term.
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