Demand for HELOCs Collapses to 15-Year Low

Source: MPW Investor Presentation These are typically 15-year leases. as a very low cost of capital), I find such pessimism to be patently absurd. As for MPW? Here Wall Street is acting even.

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Comparisons to the great price collapse of 1986 and the 15-year nuclear winter that followed. When oil prices collapsed in 1986 and remained low in real terms for 15 years, world oil supply.

Then it’s lender after lender offering enticing terms. It’s not like HELOCs – home equity lines of credit – are playing hard to get or anything. But demand has collapsed. At the end of February, outstanding HELOC balances at all commercial banks in the US fell to $346 billion, according to the federal reserve board of Governors. They’re down 43% from the peak in April 2009 – and now back where they’d been in July 2004 on the way up.

Current 30 year mortgage rates are averaging 4.21%, an increase from an average 30 year mortgage rate of 4.16%. 15 year mortgage rates today are also higher averaging 3.49%, up from an average 15 year mortgage rate of 3.43% yesterday.

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 · McBride explained that each rate hike increases the minimum payment on a $30,000 line of credit by about $6, meaning that two hikes would add $12.50 to a borrower’s monthly tab.

Most HELOCs are second mortgages, but you can also take out a HELOC on a home that’s fully paid off. And, on the other hand, it’s possible to take out a second mortgage that’s a fixed-term loan – usually called a home equity loan – rather than a line of credit.

Like other types of mortgages, the interest on a home equity line of credit is tax deductible. Interest rates can be low, but they also are usually variable, meaning the adjust in relation to a chosen financial index. Interest on a loan might start at 4% annually, but might rise or fall in concert with changes in the index.