Home equity loan rates could change this summer, according to experts, but it depends on a few different factors.
While inflation slowed a bit in April, it's uncertain whether the Fed will lower rates in the near future, as predicted earlier this year, because the inflation rate is still higher than its target. As a result, the average interest rates being offered on lending products, from credit cards and personal loans, remain relatively high. Fortunately, there are still some more affordable options for homeowners who need to borrow money: home equity loans and home equity lines of credit .
Mark Charnet, president and certified financial fiduciary at American Prosperity Group, also thinks rates could rise this summer.'I believe that the Fed will raise rates in an effort to curb inflation, which is why I believe rates may increase in the short-term,' says Charnet.Home equity loan rates could dropIf the Fed cuts its benchmark rate, experts say you could expect home equity loan rates to fall.
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