How far will HELOC rates fall in October?

Homeowners have long benefitted from the ability to borrow against the equity in their property at an affordable rate. And, in many cases, a home equity line of credit (HELOC) can be an especially helpful tool, as it gives borrowers access to a line of credit to draw from as needed.

As the Federal Reserve began raising rates in the post-pandemic era due to surging inflation, home equity loan rates climbed along with costs of other debt — but even with the rate hikes, HELOCs remained more affordable than many other borrowing options, including credit cards.

The good news is that the Fed has shifted course and a cooler rate climate has already had a positive impact on HELOC rates. This trend is expected to continue, leaving many borrowers wondering just how low HELOC rates could fall this month.

 

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