Both HELOCs and home equity loans have unique benefits for borrowers this spring. But which will be better to use?
With the next Federal Reserve meeting scheduled for April 30 — and the next inflation report slated for release on April 10 — many will be hopeful for some economic relief next month. If the inflation report shows a reduction in growth, the Fed may elect to keep interest rates unchanged or even reduce them if they feel confident that inflation is finally cooling. However, if there is another disappointing inflation report, as there was this month, the Fed's response may differ.
While a reduction in rates won't come in April, by securing one during the month users will be in a prime position to see their rate cut either in May or in June, when many experts predict the first rate cut of 2024. Home equity loan borrowers, meanwhile, would need to refinance to secure a lower rate. Learn more about your HELOC options online today.
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