Here’s official confirmation of a trend that has seen a cooling off towards the once upon a time favorite home equity loans. Consumers are finally beginning to feel the heat from the interest rates, which have been steadily rising for the past two years. According to certain lenders, homeowners are now backing off their borrowings under home equity lines of credit. These loans have been costing more with each hike by the Federal Reserve.
Rates on home equity loans are tied to the prime lending rates of banks, which in turn follow the Fed’s benchmark rate. This means a slight rise in the latter will make the loans dearer. Of course, there was a time when home equity loans cost less than home mortgages, and this prompted many people to turn the equity in their houses into piggy banks. Now, since these loans cost more than traditional 30-year mortgages, their popularity ratings are dropping fast.
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