3 advantages HELOCs have over other credit options right now

While many Americans were hopeful that the worst of this inflation cycle was over, recent reports have dampened that optimism. Inflation increased in February and March, all but ensuring that today's high interest rates designed to tame it will remain elevated — and possibly tick up yet again. One Fed official has already discussed tabling rate cuts for the remainder of 2024 — and that was prior to the most recent disappointing inflation report.

The potential for even lower rates aheadSure, a cut to interest rates seems further off than many had hoped for at the moment. But if inflation gets back under control and the Federal Reserve feels confident in its downward trend, it's certainly possible that interest rate cuts will be issued. That could be a big boost for HELOC borrowers because interest rates on this credit form are variable, meaning that they will adjust as the rate climate evolves.

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