Inflation ticked up again in February with prices that were 0.4% higher than those in January. And, a similar trend occurred in January when inflation unexpectedly increased month-over-month. That's important data to consider if you're thinking about taking out a home equity line of credit . Right now, the Federal Reserve's benchmark rate is paused at a 23-year high.
2% year-over-year, there has still been a significant improvement in the inflation rate compared to the highs experienced in mid-2022. And, while economists have revised their forecasts to push back rate cut expectations, they still expect the Fed to start cutting rates later this year. That's good news for those who open a HELOC now, as the variable nature of HELOC rates means that borrowers could benefit from future rate cuts.
Source: Loan Digest (loandigest.net)
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