Will home equity loan rates rise after this week's Fed meeting?

Following a series of disappointing inflation reports to start 2024, the focus will be on the Federal Reserve this week as it meets again to determine the state of interest rates and other considerations. Already at a 22-year high with a benchmark rate stuck at a range between 5.25% and 5.50%, borrowers are eager for some relief.

That's because lenders will want to get ahead of any rate cuts to come. So if those start looking more likely, rates on home equity loans and home equity lines of credit could tick up as soon as this week, even in the absence of a formal rate rise courtesy of the Fed.So, if you're considering this unique, low-cost borrowing option it makes sense to act promptly. Get started online here.

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How Long Will High CD Rates Last?Inflation has been high for years now, and while it's decreased quite a bit from its peak of 9.1% in June 2022, it's still below the Federal Reserve's target goal of 2%. To move the needle and curb spending further, the Fed has kept interest rates paused at a 23-year high at its last three meetings. While that's bad for consumers using credit cards, mortgages and loans, as higher rates mean paying more in interest on the money borrowed, it's a boon for savers, resulting in hefty interest rates on savings accounts and certificates of deposit (CDs). What goes up must come down, though, and at some point, the Fed is likely to make rate cuts once inflation is under control. While the Fed rate doesn't directly impact the rates on savings accounts and CDs, the two generally move in the same direction. So the question remains: How long will these high CD rates last? And if the Fed does cut rates, how far will CD rates have to fall? Find out the best CD options available to you today
Source: CBSNews - 🏆 87. / 68 Read more »