Projected Annual Rise In Home Equity Lines Of Credit

Projected Annual Rise In Home Equity Lines Of Credit

Now that the federal Reserve has finally raised interest rates and signaled future increases, payments on variable rate home equity lines of credit are poised to edge up too. The average HELOC, now at 4.69%, requires a minimum payment of $516 a month on a typical balance of $132,000. If the rates hits 5.3% by year's end, as Bankrate predicts, the bill will jump to $583.

Tips to limit the pain:

Rates vary widely, so hunt for the best deal. 

If your rates are rising on your HELOC consider rolling your debt into a refinanced mortgage or to a fixed rate home equity loan.

Higher home values means you can borrow more against your equity, but just because you can doesn't mean you should. Experts suggest holding your total housing debt, including your mortgatge and HELOC below 70% of the property value, even if lenders say you can afford 80%.

Victor DeFrisco Headshot
Phone: 561-951-3759
Dated: April 18th 2016
Views: 126
About Victor: ...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Buying Is Now 26 Percent Cheaper Than Renting In The US - The results of the latest 
How Much Has Your Home Increased In Value - Home values have risen
New Listing 7712 Park Lane Road Lake Worth FL 33449 - New Listing!!!!This beautiful
Sep 23 2018 58263 2 - Home Flips Plunge as

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Exit Realty Premier Elite
8961 Hypoluxo Road
Lake Worth, FL

Other Locations