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How Walz and Vance are preparing for the 2024 VP debate
Washington — Sen. JD Vance and Minnesota Gov. Tim Walz will face off on Tuesday in the first and only vice presidential debate of the cycle, as the two candidates look to prop up the Republican and Democratic tickets with fewer than 40 days until Election Day.
The debate, hosted by CBS News at the CBS Broadcast Center in New York City, will be moderated by “CBS Evening News” anchor and managing editor Norah O’Donnell and “Face the Nation” moderator and CBS News chief foreign affairs correspondent Margaret Brennan.
Here’s what to know about how the candidates are preparing for the debate:
How JD Vance is preparing for the VP debate
The Ohio Republican has been preparing for the debate for more than a month, a source directly involved told CBS News, including with “murder board” sessions with a small team that includes Vance’s wife and his advisers, along with senior Trump adviser Jason Miller.
Among Vance’s main focuses during the preparation has been studying Walz’ debate style and policy record, the source said, noting that Vance will attempt to highlight what he sees as the Minnesota governor’s left-wing views during the debate.
Vance told reporters last week that his plan is to break down what the Trump-Vance administration would do to make “life better” and connect that to policy.
“So, we’re studying up as much as we can on the issues that matter to the American people, and I’m looking forward to it,” Vance said.
House Majority Whip Tom Emmer, a Minnesota Republican, is standing in for Walz during Vance’s debate prep, four sources familiar with the preparations told CBS News. Emmer and Walz have deep roots in Minnesota and are close in age.
Emmer told ABC’s “This Week” on Sunday that he’s known Walz for decades and has spent the last month working to “get his phrases down, his mannerisms.”
“My job was to be able to play Tim Walz so JD Vance knows what he’s going to see,” Emmer said.
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How Tim Walz is preparing for the VP debate
Walz has been preparing for the debate with a close team of advisers, a source familiar with the preparations told CBS News. Some of the people involved also helped Vice President Kamala Harris take on former President Donald Trump, among others, like a long-time aid to Walz who worked with him during his bids for governor.
For Walz, whose name recognition was until recently limited outside of Minnesota, the focus is on continuing to introduce himself to the American people, according to the source. He’ll also work to highlight Harris’ vision for the nation’s path forward.
“You’ll hear me talk like I have about things that impact Americans, making sure they have the opportunity to thrive, making sure that we’re being factual in how we talk about that,” Walz told MSNBC’s Rachel Maddow of the debate earlier this month. “And so I’m looking forward to it. I’ll work hard, that’s what I do.”
During debate prep, Transportation Secretary Pete Buttigieg is standing in for Vance, a campaign official familiar with the preparation told CBS News. The former mayor of South Bend, Indiana, also assisted Harris during her debate prep in 2020, and is close in age to Vance.
When and how to watch the presidential debate
Debate coverage on CBS News 24/7 begins at 4 p.m. ET, with the debate getting underway at 9 p.m. ET on Oct. 1.
The 90-minute debate will be streamed on CBS News 24/7 and Paramount+ across all available platforms and CBSNews.com. The debate will also be simulcast across other broadcast and cable networks.
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After more than four years in which interest rates were hiked numerous times, the Federal Reserve started cutting interest rates in September, starting with a larger-than-expected 50 basis point cut. But that was just the beginning, with the Fed continuing to cut rates this week with a 25 basis point reduction. And another cut in the same increment is widely expected when the Fed meets again in December. While these cuts have brought new borrowers into the fold, they underline something that home equity borrowers may have already noticed: Interest rates have been on the decline all year.
This has been particularly noticeable for those who have tapped into their home equity via a home equity line of credit (HELOC). These products have variable interest rates, which can be problematic when interest rates are rising, as they were in 2022 and 2023, but advantageous now that the wider rate climate is cooling again. So how far, precisely, have HELOC interest rates dropped this year? And how much further could they fall? That’s what we’ll break down below.
See how low of a HELOC interest rate you could qualify for here.
Here’s how far HELOC interest rates have dropped this year
HELOC interest rates are traditionally lower than what’s available with credit cards and personal loans, thanks to the home in question serving as critical collateral. But they didn’t start 2024 in a particularly attractive position, coming in at 10.16% on January 3, 2024, according to historical data from Bankrate.
Since that point, however, they’ve dropped significantly, albeit in a bumpy manner. By January 10, 2024, they were averaging 9.32% and by February 7 they were at 9.12%. Rates dropped just below 9% in March but spiked again in May to 9.89% as the battle against inflation appeared more problematic than many had anticipated. As inflation cooled in the following months, however, HELOC rates did, too. They spiked back up to just under 10% in early September but have since dropped significantly with two Fed rate cuts issued.
Now, the average HELOC rate is just 8.70% – almost a point and a half lower than what it was in January. And if inflation continues to drop (the October reading is due out on November 13), HELOC rates will likely continue to fall. And if the Fed issues a final 2024 rate cut in December, as they almost certainly will, rates will likely end the year close to two points lower than where they started it.
That noted, predicting future interest rate changes with precision is almost an impossibility. If you know you need the financing then, and are comfortable with today’s current rates, it makes sense to apply for a HELOC now.
Get started with a HELOC online today.
Why a HELOC may be better than a home equity loan now
Right now, home equity loans actually have a slightly lower rate when compared to HELOCs (8.41% versus the HELOC’s 8.70%). But HELOCs, thanks to that variable interest rate, are better positioned to take advantage of today’s cooling rate environment. Home equity loan rates are fixed, meaning that borrowers will need to refinance them (and pay 1% to 5% of the loan amount in closing costs) to get that lower rate.
Understanding this dynamic, then, and the real potential for rates to continue to decline into 2025, borrowers may want to take a calculated risk by opening a HELOC instead of a home equity loan. It won’t be the right approach for everyone, but if you want to be best positioned to capitalize on what could be multiple rate cuts to come, a HELOC offers you the more optimal way to do so.
The bottom line
HELOC interest rates have plunged by around one and a half percentage points so far this year and many experts predict that they will fall even further in December and into 2025. So, if you want to borrow from your home equity but also want to be able to exploit today’s evolving rate climate, a HELOC may be the preferred option. Just avoid the temptation to overborrow, as well, since your home functions as collateral here and you could jeopardize your ownership if you’re unable to pay back the full line of credit.
Have more HELOC questions? Learn more here now.
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