Tag Archive | "mortgage rates"

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Home Equity Lines as a Refinance Alternative

Interest on home equity lines of credit are extremely low right now, even when compared to traditional home loans. Some financial advisers say that borrowers should consider taking out a HELOC rather than doing a traditional refinance if they want to save on withdrawing equity. CNN Money reports: “HELOCs can be hard to get right now, but [...] [...more]

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Feds Cut Interest Rates Again

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 latest [...] [...more]

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Federal Cuts Lower HELOC Rates

According to MarketWatch, the recent federal cuts have resulted in lower rates for HELOC customers. Financial columnist Chuck Jaffe notes that home equity lines are the one place that consumers are actually seeing a difference: “BankRate.com pegs the rate on a $30,000 home-equity line of credit at 5.52%, on average, down sharply from a week ago [...] [...more]

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How Far Have HELOC Rates Fallen?

According to the Wall Street Journal, home equity rates have been falling steadily for the past 6 months and may fall further based on yesterday’s federal rate cuts: Rates on home-equity lines of credit have dropped to 6.27% from 8.25% since September of last year, according to Bankrate.com. Partly as a result, the amount that homeowners [...] [...more]

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Fed Cuts Interest Rates, Yet Again

Earlier today, the Federal Reserve slashed the federal funds interest rates by 3/4 of a percentage point. This has been the 6th rate cut in the past 6 months. The New York Times Reports: “Though it was one of the biggest one-day rate cuts in decades, investors had been betting heavily that the Fed would cut its [...] [...more]

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Will Federal Rate Cuts Affect Your HELOC APR?

Some borrowers mistakenly believe that federal rate cuts have a direct affect on their HELOC interest payments. In reality, federal rate cuts are a move by the government meant to promote economic stimulus. These federal cuts may act as an incentive for banks to lower their own interest rates, but this is not always the [...] [...more]

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