Home equity news: Home price growth slows and tech transforms the homebuying experience
The top stories in home equity, mortgages and real estate
Interest rates roundup
Not much movement in home equity rates in the most recent week. The average rate on a $30,000 home equity line of credit (HELOC) remained at 8.27 percent, while the $30,000 home equity loan climbed one basis point to 8.26 percent, according to Bankrate’s national survey of lenders.
The 30-year mortgage became more affordable in the most recent week as rates fell to 6.79 percent, according to Bankrate’s latest national lender survey.
The housing market slows its roll
Home prices are still climbing, but the rocket ride is slowing. The latest Case-Shiller data shows U.S. home values rose 2.7 percent in April, less than in previous months. Is this a sign that the era of rapid price appreciation is over? What could the slowdown mean for homebuyers and sellers?
Open a HELOC for no reason?
Usually, homeowners take out home equity lines of credit (HELOCs) for a specific purpose, like renovations or debt consolidation. But one school of financial thought recommends establishing a line and then not using it — just keeping it in reserve for emergencies or big unexpected expenses. When does this strategy make sense, and for whom?
Should one home be able to finance another?
If you’d love a second home but don’t know how to afford it — look no further than your current residence. Home equity from one property can be tapped to buy another one. But it comes with certain risks and downsides, so walk this path with caution.
Homebuying gets a high-tech makeover
Buying a home today can feel overwhelming, but technology is making the process smarter, faster and more personalized than ever. From AI-powered image matching that helps you find homes with your dream kitchen, to drone-assisted inspections and smarter home value estimates, we take a look at all the ways tech is transforming the homebuying journey.
Reviewing a refinance decision from days gone by
A Bankrate writer reminisces about refinancing her mortgage over a decade ago — and realizes she made a lot of missteps. Here’s how you can benefit from her hindsight.
Source: Joint Center for Housing Studies of Harvard University
In case you missed it
Technically, these stories were released in the previous weeks, but they’re still worth highlighting.
Dividing home equity in a divorce
As the song says, “breaking up is hard to do” — especially when deciding how to split home equity in a divorce. Should you sell the house? buy out your ex? maintain joint ownership? Each option has pros, cons and plenty of what-ifs that former couples need to be aware of.
Can your home help you settle big bills?
From high-interest credit cards to personal loans to medical bills, Americans have never been more in debt. For homeowners, tapping into their equity to settle those outstanding balances might offer some much-needed relief. But as with almost any financial move, there are pros and cons to consider.
Unlock your home’s value
Achieve your financial goals with predictable payments on a lump-sum home equity loan.
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