HELOC Rates Could Drop in 2024 But Don't Wait If You Need Funds Now
• HELOC rates may fall in 2024 as inflation slows down and the Fed reduces interest rates, but you shouldn't wait to open one if you need to access home equity now
• Inflation slowing to 3.2% year-over-year in October suggests the Fed's rate hikes are working, though still above 2% target
• Job growth is also slowing, with unemployment up by 849,000 since April, signaling economic activity is cooling
• Variable HELOC rates will likely fall in tandem with any future rate decreases, so no need to wait for lower rates if accessing equity now
• Don't wait if using HELOC to pay off high interest debt or make necessary home repairs, as financial hardship or damage could worsen