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Home equity loans and lines of credit (HELOCs) are back.
When mortgage rates were below 4% the past two years, it made a lot of sense to refinance your mortgage and get some money out that way if you wanted to turn some of the equity in your home into cash.
Now, the average rate on a 30-year fixed mortgage is above 5%, and experts say it no longer makes sense to ruin the good rate you might have on your main home loan to do a cash-out refinance. “Why would you want to disrupt that? You wouldn’t,” says Jim Albertelli, CEO of Voxtur Analytics, a real estate technology company.