The Federal Reserve is widely expected to trim rates by a quarter point on Thursday, taking another step toward unwinding its tight policy.
The rate on a $30,000 home equity line of credit sits at 8.7% as of the week of Nov. 1, according to Bankrate.
The rate on a 30-year fixed mortgage was 7.09% as of the week of Nov. 1, sharply higher than the 4.29% in March 2022.
That's because mortgage rates loosely follow the 10-year Treasury yield , which has recently taken a leg higher.
Indeed, the benchmark yield stood at 4.363% during the week of Nov. 1, sharply higher than the 3.649% it traded at in mid-September.
Persons:
–, it's, – Darla Mercado, Nick Wells
Organizations:
Federal Reserve, Fed, Treasury