The Federal Reserve is projected to cut interest rates only three more times in 2025, according to the 2025 Interest Rate Forecast from Bankrate’s Chief Financial Analyst, Greg McBride, CFA. Those moves would take their key borrowing benchmark back down to 3.5-3.75 percent — still the ...
Only one Advantage Checking account per member. Account is subject to approval. Certificate Rates FIND A BRANCH CALL US As of May 16, 2025 TermsMinimum Balance APY* 3 Month $500 0.75% 6 Month $500 3.75% 12 Month $500 4.00% 18 Month $500 3.25% 24 Month $500 3.00% 36 Month...
Interest on a home equity line of credit (HELOC) or loan for your main or eligible second home: You can only deduct this interest if the loan was used to buy, build or improve the property. Interest on a mortgage for a home under construction: The deduction applies to interest paid on...
Home equity lines of credit:If you have a HELOC with a variable interest rate or are in the market for one as you look to save money on home repairs, you could see a rate decrease following a Fed rate cut, which would lower your monthly payments. Other Loans:For loans, a Fed rate ...
Getting a HELOC when one is available also makes more cash accessible in an emergency. Again, interest on a HELOC only applies when homeowners use the money, so the cost of getting one is relatively low. Therefore, getting one can be a good move if you think you might lose your job. ...
However, the interest on a home equity loan or home equity line of credit (HELOC) can only be deducted if you use the proceeds to buy, build, or substantially improve the home. In other words, if you borrowed money from your HELOC to pay off credit card debt or medical expenses, you...