Mortgage Rates For January 23, 2024: Using Home Equity Loans for Home Improvement
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Keeping your home in good repair is critical to avoid bigger expenses down the road. If you need weatherproofing and roof repair and don’t tend to it, your heating bills will creep up over time, and eventual leaks can create major repair bills. However, major home improvement expenses like roof replacement are difficult to save for when you also have other expenses, like a current mortgage or an auto loan.
Fortunately, when you start paying a mortgage on your home, you’re building equity in it. If you own your home outright, you’ve got even more equity. You can leverage the power of that ownership to fund the home improvements and repairs you need. You’re basically reinvesting in your home.
30-year mortgage interest rates +0.05%
The average daily mortgage interest rate for Tuesday, January 23, 2024 is 6.92% for a 30 year fixed rate. The rate rose 0.05% from yesterday and rose 0.24% from December 2023. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States.
Lenders in the freerateupdate.com network are currently offering rates as low as 6.0% (6.2% APR) on a 30-year fixed-rate mortgage. Receive a rate up to 0.72% lower than today’s average 30-year mortgage rate if you qualify. ⓘ
15-year mortgage interest rates +0.07%
The average daily mortgage interest rate for Tuesday, January 23, 2024 is 6.30% for a 15 year fixed rate. The rate rose 0.07% from yesterday and rose 0.25% from December 2023. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States.
Lenders in the freerateupdate.com network are currently offering rates as low as 5.0% (5.3% APR) on a 15-year fixed-rate mortgage. Receive a rate up to 1.30% lower than today’s average 15-year mortgage rate if you qualify. ⓘ
What to know about home equity loans for home improvement
The most important thing to know about a home equity loan for home improvement when looking at daily average mortgage interest rates is how much borrowing power you might have. The equity of your home is the difference between your home’s value and the amount you still have left to pay on it.
In most cases, when you take out a home equity loan while you still have a mortgage, you’re going to be responsible for paying on both your mortgage and home equity loan separately each month. This is much easier than refinancing, and since you have the equity already, loan approval isn’t as challenging as your initial financing process.
Home equity loans for remodeling
Home equity loans aren’t limited to major repairs and emergencies. If you want to stay in your home for many years to come, as well as increase its value, a home equity loan for remodeling could be in order. Remodeling even one main room, such as a kitchen, can be quite costly – but the value it adds to your home and your quality living is an investment worth considering.
When considering home improvements, never forget the value it’ll add to your experience living in the home as well as the home’s worth itself.
