CBS News
When will home equity loan interest rates fall again?
Getty Images
If you were looking for a cost-effective borrowing option for most of the last two years, your options were limited. Credit card rates soared over 20% while personal loan interest rates were over 10% (and they’re currently averaging close to 13%). Home equity loans and home equity lines of credit (HELOCs), however, largely remained in the single digits. And, now that the Federal Reserve has cut its federal funds rate, rates on these borrowing products are declining further.
That said, it’s difficult to time interest rates with precision. As homebuyers saw in recent weeks, mortgage rates were low right after the Fed cut rates but have since increased by more than half a percentage point. Homeowners looking to access their home equity will want to avoid a similar scenario. But when will home equity loan interest rates fall again? While no one knows for sure, there are some factors to consider now that can better help answer this question.
See how low of a home equity loan rate you could lock in here now.
When will home equity loan interest rates fall again?
Home equity loan interest rates change daily so owners looking to secure the best rate would be well served by monitoring the market closely. It helps to look at recent rate changes as a guide for when they’ll fall again.
The average home equity loan interest rate for a 10-year loan was 8.60% on September 11 and 8.55% for a 15-year loan, according to Bankrate. One week later, after the Fed cut rates, rates on these loans were 8.56% and 8.49%. But they’ve continued to decline in October, even without a formal Fed meeting. They’re now 8.46% and 8.38%, respectively. And if additional data is released to confirm expectations for another rate cut when the Fed meets again on November 6 and 7, rates could drop in anticipation of Fed action. In other words, a formal rate cut doesn’t need to be issued for lenders to preemptively price in that assumed reduction and, thus, offer borrowers lower rates.
What data could affect rates? Unemployment figures could affect home equity loan rates. If unemployment numbers are poor, it could be a sign that more aggressive Fed rate-cutting action is required, thus leading to lower rates on these products. If the next round of inflation data shows a rise, that, too, could spur action. In addition to watching the market closely, pay close attention to the dates when this data is released (and the days that follow for market reaction).
In short: There is no definitive date in which home equity loan interest rates will fall again. This is a moving target but one in which borrowers should feel relatively comfortable as the overall rate climate appears to be on a gradual but encouraging decline.
Not sure what home equity loan rate you could lock in? Find out here.
The bottom line
Home equity loan interest rates are on the decline but predicting the exact date in which they will fall again is almost impossible. Instead, borrowers should follow the rate climate closely each day for an opportunity to lock in a low rate when listed. And they should consider the timely benefits of a HELOC. HELOC rates change independently each month based on market conditions, without the borrower needing to refinance. This is a major advantage now with rates on the decline and it’s something home equity loans can’t offer borrowers due to that loan’s fixed rate structure.
As is the case with all home equity borrowing, however, it’s critical to only withdraw an amount that you can afford to repay with ease. Since your home functions as collateral in these borrowing circumstances, you could risk your homeownership if you fail to repay all that was deducted from your equity.
HUNTSVILLE — A Travis County judge granted a temporary restraining order Thursday, pausing the scheduled execution of Robert Roberson.
The order comes after Texas lawmakers issued a subpoena to 57-year-old Roberson Wednesday night in a last-minute legal effort to stop his execution, which would be the first in the country connected to a shaken baby syndrome diagnosis.
“This is an extraordinary remedy,” said Representative Jeff Leach said during arguments Thursday. “But it is not undue.”
Republicans and Democrats on the House Criminal Justice Committee believe Roberson deserves a new trial based on the medical theory that the 2002 death of his chronically ill 2-year-old daughter was caused by violent shaking, known as shaken baby syndrome, which has been widely dismissed by many experts as junk science.
Leach said over 80 legislators signed a letter “calling for the pause button into Roberson’s execution,” believing his testimony is vitally necessary.
The subpoena came after the Texas Board of Pardons and Paroles on Wednesday denied a request for clemency for Roberson.
Over the last two days, Roberson’s attorney with The Innocence Project expressed confidence that his life would be spared.
Aldi is unveiling its lowest-priced Thanksgiving spread in five years, with the discount grocery chain possibly taking a page from the recent playbook of fast-food chains offering $5 value meals to entice price-sensitive Americans.
Aldi on Wednesday announced its “inflation-busting holiday meal” for 10 at a cost of $47.00, or $4.70 a person. Aldi’s Turkey Day fare runs about two bucks less than an offer by its bigger rival, Walmart.
U.S. inflation in September hit its lowest point since February 2021, reflecting lower gas prices and a small rise in food costs, prompting one analyst to declare inflation to be “dying, but not dead.”
Many consumers have responded to higher food prices by shifting from brand-name items to private label, a trend in Aldi’s favor given that more than 90% of the products it sells are its own private labels.
Aldi’s Thanksgiving meal follows a traditional menu and includes a Butterball turkey with spices, gravy, rolls, macaroni and cheese, stuffing and ingredients for cranberry sauce, mashed potatoes, sweet potato casserole, green bean casserole and pumpkin pie.
Aldi U.S.
“With 25% of U.S. households now shopping Aldi, we know grocery prices are still top of mind,” Jason Hart, Aldi’s CEO, said Wednesday in a press release.
The prices cited by Aldi assumes a 16-pound turkey and availability depends on store location.
Based in Germany, Aldi operates 2,300 stores across the U.S. and plans to add another 800 locations by the end of 2028.
In 2023, a 16-pound frozen turkey averaged $27.35 and accounted for 45% of the cost of a Thanksgiving feast for 10, which cost $61.17, or about $6.12 a person, according to an annual survey by American Farm Bureau Federation. The group is expected to release its 2024 findings next month.
Michael Allio/Icon Sportswire via Getty Images
Football fans: It’s time to kick back and relax with some Thursday Night Football as the Denver Broncos (3-3) face the New Orleans Saints (2-4) tonight at the Caesars Superdome.
The Los Angeles Chargers put an end to the Broncos’ 3-game win streak on Sunday, Oct. 13, with their 23-16 victory. Denver Broncos head coach Sean Payton called it a “disappointing loss.”
“They ran the ball better than we did. We mustered up some offense late in the game. All of this starts with me. We have to be better offensively. We have to protect the ball better. That is what I saw. We will go from there. We have a short week,” said Payton, adding that the team will have to learn from the game and move forward.
Keep reading to find out how and when to watch the Broncos vs. Saints NFL game tonight.
Denver Broncos vs. New Orleans game tonight
The Denver Broncos vs. the New Orleans Saints NFL Week 7 game will be played on Thursday, October 17, 2024, at 8:15 p.m. ET (5:15 p.m. PT). The game will air on Amazon Prime Video.
The Broncos are favored (2.5-point) to defeat the Saints, CBS Sports reports, citing SportsLine. Saints Quarterback Derek Carr is listed as doubtful for Thursday night’s game as he recovers from a left oblique strain he suffered during an Oct. 7 matchup against the Kansas City Chiefs at Arrowhead Stadium.
How to stream the Denver Broncos vs. New Orleans game
If you’re a Thursday Night Football fan, then you’ll want to get an Amazon Prime Video subscription.
Stream Thursday Night Football only on Amazon Prime Video
You can catch tonight’s game on Amazon Prime Video. Live coverage starts at 7 p.m. ET on Amazon Prime Video.
Amazon became the exclusive carrier of Thursday Night Football in September 2022. This season, they’re continuing as host through Week 17.
Amazon Prime is $14.99 per month after a 30-day free trial. In addition to NFL football, Prime members will get two-day shipping, member-exclusive Prime Day deals, and expedited shipping on Prime Deals. Prime Video membership is $8.99 per month.
“Prime Video delivers best-in-class pregame, halftime, and postgame shows, alternate streams such as Prime Vision, as well as fan-favorite interactive features like X-Ray, Next Gen Stats powered by AWS and Rapid Recap,” the company states online.
Check out Amazon’s new football fan shop
Are you looking to rep your favorite NFL team this fall? Shopping for licensed NFL gear online has never been easier with Amazon’s new NFL Fan Shop. You can shop by team, yes, that includes the Broncos and Saints.
There are plenty of other things to shop on Amazon, including these must-see deals on TVs – perfect for watching the big games this fall!
Watch your favorite sports events with Sling TV
Reminder: Amazon Prime Video has exclusive rights to Thursday Night Football through Week 17.
Not everyone has a cable TV subscription, but there are plenty of options that allow you to watch some of your favorite sporting events throughout the year. If you don’t have a cable TV subscription that includes NFL Network, you may want to consider getting a subscription to Sling TV.
To watch the NFL Network on Sling TV, you’ll need a subscription to at least the Orange tier ($20 for your first month). That consists of 35 channels, including 8 exclusive sports and family channels. But you can only stream on one device at a time.
However, we recommend leveling up your coverage to the Orange + Blue with Sports Extra tier to get more NFL and college football games this fall. The Orange + Blue plan regularly costs $60 per month, but the streamer currently offers a half-off promotion for your first month, so you’ll pay just $30.
If you’re not sure which package to pick, you can always head over to Sling TV’s website and choose “compare plans” to ensure you’re getting access to all of the channels you need. You can create an account in just three steps. You can also prepay to save even more money.
Top features of Sling TV Orange & Blue + Sports Extra plan:
- According to Sling, this deal offers “the most football on Sling for the best price”
- It includes NFL Network and RedZone as well as NBC, FOX and ABC in select markets
- There are 55 channels to watch and 20 channels listed as sports extras, which includes the Big Network
- You get access to most local NFL games and nationally broadcast games at a lower price
- It’s easy to sign up and there are no long-term contracts required
