Tag: why did home improvement end

As mortgage rates begin ramping up in early 2022, leaving borrowers with virtually no incentive to refinance, a wave of nonbanks introduced home equity lines of credit, a popular funding source for home remodeling projects. HELOC originations also saw a surge at the same time. But with rates accelerating even higher over the past 12 months across all types of consumer loans, the enthusiasm surrounding HELOCs subsided. The majority of HELOCs come with variable rate terms and are currently running at an average of close to 9%. Tied to the going prime rate, HELOC averages rise and fall with policy…Continue Reading