Inflation isn't as hot as it was a year or so ago, but prices are still increasing at a 3.2% annual pace, based on the most recent inflation report. Considering the Federal Reserve's goal of 2% annual inflation, the central bank has not yet budged on interest rates, having held the federal funds rate steady at a 23-year high since last summer.Meanwhile, home equity interest rates have also remained high. The average home equity loan rate is currently 8.
That said, home equity interest rates could start dropping in a few months, but not quite yet, according to some experts.'We won't see home equity and/or HELOC rates fall until the Fed ultimately starts cutting rates, which unfortunately won't be in March. With stronger than expected recent economic data, the expectation is that the first rate cut will be no sooner than May or June, so lower home equity rates in March are very unlikely,' says Shahwan.
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