Home Equity Line of Credit Rates Dip Near 7%

Homeowners are receiving a festive gift this holiday season as home equity line of credit (HELOC) rates plummet to nearly seven percent, marking the lowest in years. With the average weekly HELOC rate now at 7.44% for those with strong credit scores and low loan-to-value ratios, its an opportune time to borrow against your home. Lenders like FourLeaf Credit Union are offering introductory rates as low as 5.99% for the first year on lines up to $500,000. However, be mindful of variable rates and compare fees, terms, and minimum draws across banks. The flexibility of a HELOC allows you to pay interest only on what you use, making it an attractive option for renovations, debt payoff, or even a quick vacation.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.