Home equity news: HELOCs back up above 8%, mortgage rates up too
The top stories in home equity, mortgages and real estate
Interest rates roundup
HELOCs rose dramatically this week, topping 8%, though still holding close to their lowest level in two years. Meanwhile, the average $30,000 home equity loan was unchanged for the fourth week in a row. according to Bankrate’s national survey of lenders.
The national average for 30-year fixed-rate mortgage rose in the latest week, up to 6.88%, according to Bankrate’s latest lender survey.
HELOCs and home equity loans and cash-out refis? Oh my!
Borrowing against your home’s value has gotten a lot more affordable, especially compared to this time last year. We parse the pros and cons of the three main ways you can access your home equity for cash: HELOCs, home equity loans or cash-out refinances, analyzing which course makes the most sense right now.
Why multigenerational living is making a comeback
Multigenerational living, where different age groups live under one roof, is on the rise in the U.S.: Nearly 60 million people are now in such arrangements. Here’s why it’s on the rise, and how two families make it work.
When can you tap your home’s hidden value?
Many a personal finance site, including this one, regularly discusses the virtues of tapping home equity. But exactly how quickly can you do it, after you become a homeowner? We tell you all about how to time it — and why it’s more about “how much” rather than “how fast.”
Source: Federal Reserve Bank of New York
How to break up with your mortgage early
Making extra payments towards your loan principal can help you pay off your home faster and save you significantly on interest over time. Find out more about what prepaying your mortgage entails and how to go about doing it.
Why owe? The case for renting
Which is winning the is-it-better-to-buy-or-rent debate these days? Survey says, renting — especially if you are living solo, sans a significant other to shoulder housing costs. Home Lending Senior Writer Andrew Dehan talked to single renters all over the U.S. about why leasing is a better housing option for them — at least for now.
In case you missed it
Technically, these stories were released in the previous weeks, but they’re still worth highlighting.
The Fed continues its pause on interest rates
After three back-to-back interest rate cuts in 2024, the Federal Reserve stood pat on monetary policy once again at its third meeting of 2025. How may the Fed’s moves — or lack thereof — impact the housing market?
The luck of the draw
If you are tapping your home equity with a HELOC, you should be familiar with the draw period: The magic phase during which you can borrow funds and typically only pay back interest. Make sure you understand how it works, though — and what happens when it ends.
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