Good news for HELOC borrowers – thanks to an emergency federal rate cut, your home equity bill may be getting smaller. Today, the government slashed the federal funds rate by half a percentage point. The New York Times reports: “The Fed said in a statement that, because of weakening economic activity, it had cut the [...] [...more]
Many financial analysts speculated that the government would slash the Federal Funds Rate earlier today. But, Federal Reserve chairman Ben Bernanke and his colleagues voted unanimously to keep rates the same (2.0%). A federal rate cut would have resulted in lower interest rates on most home equity lines of credit. Almost all U.S.-based HELOC rates [...] [...more]
Lending standards have tightened. But, if you still qualify to take out a HELOC, you may be able to snag a super deal. Since HELOC rates are tied to the federal funds rate, you’re likely to have a very low monthly payment. Here are a few HELOC deals out there right now, as discovered by [...] [...more]
Earlier today the Federal Reserve cut the federal funds rate a quarter of a point, from 2.25 to 2. The prime rate, used to determine the majority of HELOC interest rates, generally mimics the federal funds rate. So, HELOC customers may see a slight interest reduction in their future statements. Some analysts speculate that this [...] [...more]
