If you’re looking for an inexpensive way to access a large, six-figure sum of money, you’d be hard-pressed to find a better option than your home equity. Not only does the average homeowner possess approximately $330,000 worth of equity to utilize right now, but they can do so at an interest rate significantly lower than what can be secured with alternatives like credit cards and personal loans. And with home equity loans, in particular, those interest rates are fixed for the full repayment period, unless refinanced by the borrower. 

That said, it’s important to appropriately time your home equity loan application to lock in an attractive interest rate. To do so, borrowers may find it helpful to gauge how far interest rates on this product have fallen, particularly this year as inflation has declined and multiple interest rate cuts have been issued. Below, we’ll show how far home equity loan interest rates have dropped in 2024 for both 10- and 15-year loans and explain why now may be a smart time to act.

See how low of a home equity loan interest rate you could secure here.

How far have home equity loan interest rates fallen in 2024?

Home equity loan interest rates for both loan terms had been hovering at the same level for most of the year but have experienced a substantial drop in recent months. According to historical Bankrate data, a 15-year home equity loan interest rate was 9.08% on January 3, 2024, but it dropped to 8.87% by February 14. 10-year home equity loans, meantime, were averaging 8.73% on March 27. 

By May, 15-year home equity loans were averaging under 8.80% and by August they were under 8.70%. 10-year home equity loans hit 8.61% in early September and both broke under 8.50% in early October: 8.47% for 10-year home equity loans and 8.37% for 15-year home equity loans. And they’ve remained in that approximate range since, with 10-year home equity loans averaging 8.52% on November 13 while 15-year home equity loans were at 8.44% on the same date.

So, between January 1 and mid-November, home equity loan interest rates fell by more than half a percentage point. And while that may not seem substantial on paper, that difference can add up to hundreds and possibly thousands of dollars saved over the life of the loan. For many, then, it may be worth taking advantage of this drop in rates now while lenders are still offering better deals.

Get started with a home equity loan online now.

Is it worth opening a home equity loan now?

The decision to open a home equity loan is a personal one, particularly when considering that the home functions as collateral in this exchange. That said, there’s a compelling argument to be made for opening a home equity loan, specifically, right now. Rates on the product are lower than they’ve been all year long. But with inflation rising in October, it’s possible that they won’t drop much lower, at least for the foreseeable future. 

Plus, by acting now — and by using a home equity loan for IRS-eligible home projects — you may be eligible to deduct the interest paid on the loan when you file your 2024 tax return in the spring. If you delay acting, that deduction will need to wait until you file again in 2026. And, if rates somehow fall much further than they already are, you could always refinance then — but still get the financing you need right now.

The bottom line

Home equity loan interest rates have been on the decline for most of 2024, making the final weeks of the year a smart time to act for many homeowners. And with the potential for rates to stay static versus continually moving downward significantly, many homeowners would benefit from acting now, particularly if their financial needs cannot be delayed. Still, it’s critical to approach this borrowing option with care as you could lose your home if you fail to repay all that you’ve withdrawn.

Learn more about your home equity borrowing options here.

From McDonald’s Quarter Pounder hamburger outbreak last month to a current recall of organic carrots sold at grocery stores across the country, E. coli outbreaks are making headlines — and prompting questions about how to stay safe from the bacteria that can cause sickness. 

The carrot recall was issued by California grower Grimmway Farms on Saturday after nearly 40 cases were recorded in 18 states. At least 15 people were hospitalized and one person has died, the Centers for Disease Control and Prevention said.

The McDonald’s outbreak has killed one person in Colorado and affected at least 104 people across 14 states, according to the CDC.

Does cooking kill E. coli?

To kill E. coli present on carrots, you need to cook them to an internal temperature of at least 165°F, according to Dr. Céline Gounder, a CBS News medical contributor and editor-at-large for public health at KFF Health New. The same is true for killing E. coli in meat.

“You can use a food thermometer to confirm that this temperature was reached. So long as the food reaches this temperature, you can feel safe that E. coli bacteria have been eliminated,” she said. “Also note that some strains of E. coli are heat-resistant and can survive cooking temperatures as high as 160°F.”

If you have any recalled carrots in your home, the CDC recommends throwing them out or returning them to the store.

“Do not eat any recalled bagged organic carrots. Check your refrigerators or freezers for recalled carrots and throw them away,” the agency notes. “Wash items and surfaces that may have touched the recalled organic carrots using hot soapy water or a dishwasher.”

Family physician Dr. Beth Oller agrees it’s not worth the risk.

“If you have any of (the impacted produce), do not even risk it,” she told CBS News. “You know that this bacteria is on there, get rid of it. Get rid of anything that it has touched.”

How does E. coli get on vegetables?

There are several ways an E. coli contamination can occur, Gounder recently explained.

In meat, contamination can come from the bacteria that are in the intestines.

“E. coli reside in the intestine, so that’s one way in which you can have that contamination occur,” she said. “But also people who have not perhaps washed their hands properly (or) the facility.”

Infection can happen through contaminated food or water or contact with animals, environments or other people, the CDC’s website notes.

The best way to prevent infection is by keeping your hands clean, preparing food safely and drinking safe water, the agency adds.

Does washing vegetables kill E. coli?

While washing vegetables can help remove dirt, pesticides and some bacteria on the surface, it isn’t enough to kill all E. coli on foods, Gounder said. 

“No matter how well you wash, it’s not going to kill it,” Oller said. 

Does freezing kill E. coli?

While freezing foods can slow the growth of bacteria, it doesn’t kill E. coli. 

“Freezing vegetables does not kill E. coli bacteria,” Gounder said. “Freezing pauses bacterial growth, but once food is thawed, E. coli can grow and multiply again.”

So while you may think there’s “no way something can survive being frozen,” Oller said, that’s “not true with E. coli.”

Why are there so many E. coli outbreaks?

After the outbreak linked to McDonald’s Quarter Pounders, Gounder said this is the result of a highly industrialized processed food supply.

“(This) means that your food is getting processed at different places at different points in time, each of which creates an opportunity for the introduction of some contaminant, whether that’s E. coli or listeria or something else,” she said. “All of these recent food contamination events are a signal to us that we do need to be paying a bit more attention to testing in some of these facilities.”

Oller pointed to more potential factors: growing antimicrobial resistance, which makes bacteria hardier, and large-scale food production and distribution, which allows outbreaks to spread further. 

“Because that’s the world we live in now, it spreads throughout a country, instead of it just being a localized (issue),” she said.