Home equity news: Home prices break records and home equity soars across the U.S.
The top stories in home equity, mortgages and real estate
Interest rates roundup
No movement in home equity rates in the latest week. The average rate on a $30,000 home equity line of credit (HELOC) held steady at 8.12 percent, as did the $30,000 home equity loan at at 8.23 percent, according to Bankrate’s national survey of lenders.
The 30-year fixed-rate loan dropped again this week to 6.61 percent, its lowest level in almost a year, according to Bankrate’s latest national lender survey. While mortage rates are more affordable, the decline is far from the plunge experienced during the pandemic.
High home prices, low sales
Existing-home sales remained sluggish in the month of July, even as the median home price hit a record of $422,400 — the highest ever for that month. Properties are staying on the market longer, too. Could it be that buyers’ affordability challenges are literally coming home to roost?
Who’s winning and losing in the home equity sweepstakes?
Since 2020, home equity stakes have skyrocketed for most Americans, but some regions are cashing in more than others. While Southern and Midwestern states like West Virginia and Oklahoma have seen triple-digit gains, other markets have seen less — and a few areas, like Washington D.C. and Louisiana, actually lost equity. Beyond bragging rights, what does rising home equity mean for homeowners?
Residential real estate moves from a seller’s market to a buyer’s advantage
After years of sellers calling the shots, homebuyers are finally getting some power, especially in former hot spots like Texas and Florida. Homes are remaining unsold for longer; price growth is slowing, and in some areas, prices are even — gasp — dropping. If you’re house-hunting, here are some tactics for using your leverage.
Home equity credit line vs. high-limit credit card: the pros and cons of each
When a five-figure expense hits, what’s the better way to finance it: a HELOC or a premium credit card? One probably will cost you less, interest rate-wise, but the other is quicker to get and more flexible. We parse the advantages and disadvantages of these two types of revolving credit.
Black women homeowners: unmarried and unstoppable
Single Black women are among the fastest-growing homebuyers in the U.S., despite the challenges of high prices, elevated mortgage rates, and systemic racial and gender barriers. Read three real-life stories of ladies who became proud homeowners while flying solo.
HELOC rejection reset
If you are one of the millions of homeowners with tappable equity, you may be eyeing a HELOC or a home equity loan. Alas, obtaining one isn’t as easy as it may seem, with about half of applications being denied due to low credit, high debt, or limited equity. What can you do to boost your chances of approval?
Source: Home Mortgage Disclosure Act (HMDA)
In case you missed it
Technically, these stories were released in the previous weeks, but they’re still worth highlighting.
Home equity by the numbers
Your home isn’t just a place to live; it’s where your equity grows. Keeping a close eye on equity trends can help you understand both the opportunities and the risks that come with owning a home.
First home fundamentals
Buying your first home can feel overwhelming, but it doesn’t have to be. Bankrate’s guide steers you through all the things you need to know –including the fact that, if you haven’t owned a home in the last few years, you’re considered a first-time buyer (and can take advantage of certain programs).
Unlock your home’s value
Achieve your financial goals with predictable payments on a lump-sum home equity loan.
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