How much will a $60,000 HELOC cost monthly now that rates have plunged?
📖 Full Retelling
HELOC costs are consistently declining. Here's how much a $60,000 line of credit will cost monthly if opened now.
Entity Intersection Graph
No entity connections available yet for this article.
Original Source
MoneyWatch: Managing Your Money How much will a $60,000 HELOC cost monthly now that rates have plunged? We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. By Matt Richardson Matt Richardson Sr. Managing Editor, Managing Your Money Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance. Read Full Bio Matt Richardson March 12, 2026 / 2:44 PM EDT / CBS News Add CBS News on Google More than two full percentage points. That's how far the average interest rate on a home equity line of credit has fallen in just the last 18 months . And with the potential for additional interest rate reductions later this spring and summer substantial at this point in 2026, it could fall further later in the year. That's because a HELOC has a variable rate that changes monthly based on market conditions. That rate structure could be dangerous in a climate in which rates are consistently rising, but it could also be an advantage now. If rates decline again, HELOC rates will too, and borrowers won't need to refinance or pay for refinancing closing costs as the product's rate will adjust independently. With an average rate of just 7.18% right now, a HELOC isn't only the most affordable way to borrow home equity. It's also one of the least expensive ways to borrow money overall . And there's plenty to borrow from, considering that the average home equity level hit a record high last summer. So borrowing an amount such as $60,000 should be relatively easy to do now that median home equity levels are worth hundreds of thousands of dollars. Still, borrowers will be leveraging their home in this borrowing exchange, and they could risk foreclosure if they don't make payments as agreed to, so getting the math correct is critical here, in advance of an application. So, how much will a $...
Read full article at source