The latest inflation reading, rising to 3% in January, signals prolonged higher interest rates. This makes locking in a low home equity loan rate now advantageous for homeowners. The article highlights why locking in a rate is beneficial, considering the possibility of future rate hikes, the need for precise budgeting in an uncertain economic climate, and the ability to refinance later when rates drop.
The cost of borrowing may stay higher for longer. That was one of the key takeaways for Americans on Wednesday when the Bureau of Labor Statistics released its latest inflation reading, this time for January. That report showed inflation rising to 3%, marking its fourth consecutive monthly rise.
And while home equity line of credit rates are slightly lower now , those rates are variable and positioned to change each month, perhaps in an upward way if inflation can't get back under control. Considering this, borrowers should instead look to lock in a home equity loan rate now.Get started with a home equity loan here.
INFLATION INTEREST RATES HOME EQUITY LOAN LOCKING IN RATES REFINANCING
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