$30,000 Home‑Equity Loan: Monthly Cost Now
CBS News calculates what a $30,000 home‑equity loan would cost U.S. borrowers after the Federal Reserve’s September 2025 rate cut. Using current fixed‑rate offers, the piece gives exact monthly payments for common terms, compares them to February and October 2024 levels, and discusses alternatives such as HELOCs and cash‑out refinancing for homeowners weighing options.
Economy
Personal Finance
🔍 Key Facts
- 10‑year fixed home equity loan at 8.34% = $369.39 per month for a $30,000 loan
- 15‑year fixed home equity loan at 8.21% = $290.34 per month for a $30,000 loan
- Article compares these figures with February 2025 (10‑yr 8.55% / 15‑yr 8.50%) and Oct. 2024 (10‑yr 8.46% / 15‑yr 8.38%) and notes a recent Fed rate cut in September 2025
📍 Contextual Background
- Prices for living room, kitchen and dining room furniture in the U.S. rose 9.5% from August 2024 to August 2025, according to CPI data.
- In March 2025, Rocket Companies announced it was acquiring real estate listing company Redfin, and weeks later agreed to buy out mortgage competitor Mr. Cooper.