HELOC Rates at Record Low, Homeowners Benefit

HELOC rates hit record low, offering homeowners a prime opportunity to access home equity. With an average rate of 7.64% and a potential for further decrease, homeowners can tap into their homes value without refinancing. The current record-high home equity of nearly $36 trillion, coupled with low primary mortgage rates, makes HELOCs an attractive alternative to selling. Rates are determined by an index, like the prime rate, plus a lenders margin, providing flexibility for homeowners to access funds for various needs.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.