If you're considering a home equity loan, now is the time to act.
While the inflation rate has slowed from the highs of the past 18 months, the 3.7% inflation rate reported for September 2023 is still higher than the Federal Reserve's target of 2%. This could mean that the Fed will raise interest rates yet again when they meet on November 1. The Fed has raised interest rates nearly a dozen times over the past 18 months. While it left rates unchanged in its September meeting, another month of inflation rates above the goal could lead to another hike.
Uses for home equity loansA home equity loan can be used for many things. Here are some of the popular uses for the product:Home repairsOne of the most frequent uses of a home equity loan is to do repairs and improvements to the house itself. This is especially useful if you're considering moving soon.
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