Home equity loan rates expected to drop in 2023 and 2024 as Fed cuts interest rates
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Home equity loan rates have started dropping in 2023 and are expected to fall further in 2024 as the Fed cuts interest rates.
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Experts predict the Fed could cut rates up to 0.75% in 2024. This will likely lead to declines in home equity loan rates.
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The Fed may start cutting rates as early as January, but a March rate cut seems most likely right now. Additional cuts could follow later in 2024.
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Home equity loan rates may not fall as much as mortgage refinance rates, but any drop will help borrowers.
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Homeowners looking for a home equity loan should shop around and closely monitor rate trends to find the best deal.