$70,000 HELOC Monthly Cost Falls With Fed Cuts
CBS News calculates how a $70,000 home‑equity line of credit (HELOC) would cost per month given recently lower interest rates after a Federal Reserve rate cut. Using an average HELOC rate of 7.88%, the piece provides concrete monthly‑payment examples for 10‑ and 15‑year repayment scenarios, compares those figures with February and last fall rates, and explains how variable HELOC pricing could yield additional savings if rates decline further.
Economy
Finance
🔍 Key Facts
- Current average HELOC rate cited at 7.88%
- Monthly payments at 7.88%: 10‑year = $844.86/month; 15‑year = $664.12/month
- Comparisons: Feb (8.28%) 10‑year = $859.69/month; last fall (8.69%) 10‑year = $875.03/month
📍 Contextual Background
- The average interest rate on a home equity line of credit (HELOC) declined to under 8%.