Why home equity borrowers shouldn’t wait for the November rate cut

If you’re considering tapping into your home equity now, it might not be worth waiting for a potential interest rate cut in November. Home equity loans and HELOCs offer lower interest rates compared to other credit products, and waiting for a rate cut may not bring significant benefits. HELOC rates adjust automatically, so waiting for a rate cut won’t make a big difference. Additionally, the tax deduction for interest paid on home equity loans and HELOCs is running out for 2024, so delaying may result in minimal tax benefits. If you need to use your home equity for urgent expenses, such as consolidating high-interest debt, it’s best to take action now rather than waiting for a rate cut.