Home equity rates climbed to their highest level this year after the Federal Reserve left interest rates unchanged for the fourth consecutive meeting. The $30,000 home equity line of credit rose two basis points to 7.47%, while the five-year $30,000 home equity loan gained three basis points to 8.13%, according to Bankrate's national survey of lenders. Erik Schmitt, leader of JPMorgan Chase's home lending, consumer direct and digital sales strategy, advised homeowners to compare annual percentage rates across products and choose the most cost-effective option. The Fed held rates steady but nearly half of officials indicated support for a hike if inflation persists, and the central bank dropped language that might have signaled future rate direction.
JPMorgan Chase & CoFed holding rates steady affects home equity rates, but JPMorgan is mentioned only for a lending strategy quote, not directly impacted.