CBS News
Prince William wants to see “end to the fighting” in Israel-Hamas war as soon as possible
As the death toll in Gaza rises, Prince William said he wants to see an “end to the fighting” in the Israel-Hamas war as soon as possible.
William, who recently returned to public royal duties after taking time off while his wife Kate, the Princess of Wales, recovered from surgery, said it was critical for aid to get into Gaza. He also called for the release of the Israeli hostages taken during Hamas’ deadly Oct. 7 attack on Israel.
“Sometimes it is only when faced with the sheer scale of human suffering that the importance of permanent peace is brought home,” William said in a statement on social media. “Even in the darkest hour, we must not succumb to the counsel of despair. I continue to cling to the hope that a brighter future can be found and I refuse to give up on that.”
Roughly 1,200 people were killed in the Oct. 7 attack on Israel, with around 240 taken hostage in Gaza, according to Israeli officials. An estimated 29,000 people have been killed in Gaza in the months since, according to the Hamas-run Gaza Health Ministry.
William’s statement comes as King Charles battles cancer. Buckingham Palace said the monarch would step back from his public duties during treatment.
Members of the British royal family rarely make public statements about global conflicts. A spokesperson for William and Kate had stated the situation in Israel and Gaza just days after Hamas’ deadly Oct. 7 attack on Israel.
“The horrors inflicted by Hamas’s terrorist attack upon Israel are appalling; they utterly condemn them,” the spokesperson said in an Oct. 11 public statement. “As Israel exercises its right of self defence, all Israelis and Palestinians will continue to be stalked by grief, fear and anger in the time to come. Their Royal Highnesses hold all the victims, their families and their friends in their hearts and minds.”
A Kensington Palace spokesperson said William had “followed the region closely” since his visit there in 2018. The spokesperson said William made Tuesday’s statement because of “the extent of the human suffering that is on display.”
William also met with members of the British Red Cross on Tuesday to learn how the organization is aiding those impacted by conflict in the Middle East. His upcoming schedule also includes a conversation at a synagogue with young people who are advocates against hatred and antisemitism.
“The Prince of Wales will undertake engagements which recognise the human suffering caused by the ongoing war in the Middle East and the subsequent conflict in Gaza, as well as the rise of antisemitism around the world,” according to his schedule.
The United States on Tuesday vetoed a United Nations resolution demanding an immediate humanitarian cease-fire in the Israel-Hamas war. The United Kingdom abstained from the vote.
Watch CBS News
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
Watch CBS News
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
Getty Images
Homeowners looking to access a large sum of money in today’s economic climate don’t have to look too far to find it. By turning to their accumulated home equity, owners can potentially finance a major expense (or multiple major expenses) simply by using the money they already have via their home’s value.
While there are multiple ways to do this, many may be considering a traditional mortgage refinance or cash-out refinance. But in today’s unique and constantly changing interest rate climate, that could prove to be a costly mistake. Instead, right now, both home equity loans and home equity lines of credit (HELOCs) are arguably better than refinancing. Below, we’ll explain why.
Start by seeing what home equity loan interest rate you could qualify for here.
Why home equity loans are better than refinancing right now
Here are three reasons why a home equity loan may be more beneficial than a refinance now:
You’ll maintain your existing mortgage rate
The average home equity loan interest rate is 8.41% as of November 19, 2024, but the average mortgage refinance rate for a 30-year loan is 6.93%. So, on the surface, it appears that refinancing is cheaper. But that refinance rate will require you to exchange your current mortgage rate to get the new one.
That could be a costly mistake if you have a rate under 6.93%, as millions of Americans do right now. By applying for a home equity loan, however, you’ll still gain access to your equity, but you won’t need to bump your mortgage rate to get it. And if home equity loan rates drop in the future, as they have for most of 2024, you can simply refinance your loan to the better rate then.
Get started with a home equity loan online today.
You may qualify for a tax deduction
When you use a cash-out refinance, you apply for a loan larger than what you currently owe to your lender. You then use the former to pay off the latter and keep the difference as cash for yourself. Interest paid on mortgage loans is tax-deductible, but so is the interest on home equity loans if used for qualifying purposes. At that higher interest rate, you may qualify for a larger deduction (while still maintaining your current lower mortgage rate).
The average home equity amount is high right now
A combination of low mortgage interest rates during the pandemic, a drop in available inventory and a hesitation to sell now that rates are high again (amid other complex but interrelated factors) has caused the average home equity amount to soar to just under $330,000 right now. If you want to access that with a refinance, as noted, you’ll need to give up your current mortgage rate to do so. And if you want to access it via a credit card or personal loan, the restrictions will be significant. It makes sense, then, to take advantage by using a home equity loan or HELOC instead of taking a gamble with a refinance right now.
The bottom line
With mortgage refinance rates elevated, the unique feature of a potential tax deduction tied to home equity borrowing and a six-figure average equity sum available now, for many homeowners in need of financing it makes sense to skip a refinance for a home equity loan now. That said, this type of financing is tied to your most important financial asset so the decision to withdraw it from it should be carefully weighed against the risks. Consider speaking to a financial advisor or home equity lender who can answer any questions you may have before getting started.
Speak to a home equity loan lender now.
