Interest rates are dropping. But that doesn't mean that you should wait for home equity loan rates to fall further.
The long-awaited cut to the federal funds rate was issued in September. After years of rate hikes and higher borrowing costs, the Federal Reserve finally cut its benchmark rate to a range between 4.75% and 5%. That was largely due to a cooling in the inflation rate which, if it continues, could lead to additional rate cuts in November and December, too.
So don't wait for that to happen.Get started with a home equity loan now.Your financial needs can't waitIf you're seriously considering tapping into your home equity, which is likely one of your biggest financial investments, then chances are high that you need money now. If this is the case, your financial needs may not be able to be delayed long enough – nor should they – to secure an interest rate that's just a few basis points lower than what you can already get right now.
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