Will a home equity loan or HELOC be better for May?

Do you need access to funding to cover a large expense? Whether you need to make home renovations, pay off high interest debt or cover any other of an unlimited number of possible expenses, you may be thinking about leaning on your home equity. After all, if you're like the average American homeowner, you have about $299,000 worth of equity in your home.

Take advantage of the competitive interest rates that home equity loans typically come with today. HELOC rates could rise aheadThe difference between fixed and variable rates is an important one to consider in today's inflationary environment. That's because rate hikes are the Federal Reserve's most powerful weapon against inflation. And with inflation coming in hot so far in 2024, there's a possibility that the Fed could increase its federal funds rate soon .

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