Is interest rate stability in sight?
Summer is here and the housing market is heating up! Let’s dive into the latest trends:
Is Interest Rate Stability in Sight? Over the past few weeks, 30-year fixed rates have fluctuated between the high 6% and low 7% range, landing at 6.9%. This trend indicates we’ve entered a more predictable lending environment— which is good news for everyone.
Are Home Equity Lines of Credit (HELOCs) a smart move now? With interest rates still relatively high, many homeowners are turning to HELOCs. HELOCs can be a smart financial tool, allowing you to borrow against the equity in your home at lower rates than traditional loans. Here are some key points to consider:
- Flexibility: HELOCs offer a revolving line of credit that you can draw from as needed, making them ideal for ongoing expenses or home improvements.
- Lower Interest Rates: Typically, HELOCs have lower interest rates compared to other types of loans, which can be particularly beneficial in the current market.
- Tax Benefits: Interest paid on HELOCs may be tax-deductible if used for home improvements (consult your tax advisor).
You can learn more about HELOCs here or connect with a local loan officer. Apply for a HELOC loan through the Morty platform!
-Robert Heck, VP of Mortgage @ Morty
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