Hungary to Hold Rates as Price Curbs Fall Short: Decision Guide
The National Bank of Hungary will keep its benchmark rate at 6.5% on Tuesday, according to all 20 economists in a Bloomberg survey. That's tied with Romania for the highest key rate level in the EU.
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HELOC rates today, July 20, 2025: Home equity line of credit rates are unchanged, remaining under 9%
The HELOC interest rate is standing firm. There has been little rate volatility in recent months, and with financial interest rates, including mortgage rates, remaining calm, a home equity line of credit could be an excellent choice to access some of your home's cash value. A HELOC allows you to qualify once and then use it again and again. Home improvements? As you wish. Unexpected expense? You're already approved. High-interest credit card debt? Paid off. Now, the details on the HELOC rate today. Dig deeper: Is it a good idea to get a HELOC? Here are the pros and cons. This embedded content is not available in your region. HELOC rate Sunday, July 20, 2025 According to Bank of America, the largest HELOC lender in the country, today's average APR on a 10-year draw HELOC remains 8.72%. That is a variable rate that kicks in after a six-month introductory APR of 6.49% in most U.S. states. Homeowners have a staggering amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That's the third-largest amount of home equity on record. With mortgage rates lingering in the high 6% range, homeowners are not going to let go of their primary mortgage anytime soon, so selling a house may not be an option. Why let go of your 5%, 4% — or even 3% mortgage? Accessing some of that value with a use-it-as-you-need-it HELOC can be an excellent alternative. How lenders determine HELOC interest rates HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which today is 7.50%. If a lender added 1% as a margin, the HELOC would have a rate of 8.50%. Lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan, so it pays to shop around. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home. And average national HELOC rates can include "introductory" rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate. How a HELOC works You don't have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit. The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat. Meanwhile, you're paying down your low-interest-rate primary mortgage like the wealth-building machine you are. This embedded content is not available in your region. Look for introductory rates, but be aware of a rate adjustment later Today, LendingTree is offering a HELOC rate of 6.50% for a credit line of $150,000. That's likely an introductory rate that will convert to a variable rate later. When shopping lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity. The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don't pay interest on what you don't borrow. HELOC rates today: FAQs What is a good interest rate on a HELOC right now? Rates vary so much from one lender to the next that it's hard to pin down a magic number. You may see rates from nearly 7% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are. Is it a good idea to get a HELOC right now? For homeowners with low primary mortgage rates and a chunk of equity in their house, it's probably one of the best times to get a HELOC. You don't give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt. What is the monthly payment on a $50,000 home equity line of credit? If you take out the full $50,000 from a line of credit on a $400,000 home, your payment may be around $395 per month with a variable interest rate beginning at 8.75%. That's for a HELOC with a 10-year draw period and a 20-year repayment period. That sounds good, but remember, it winds up being a 30-year loan. HELOCs are best if you borrow and pay back the balance in a much shorter period of time.
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Firing Powell Would Shatter the Economy's Inflation Defenses
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an hour ago
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All Social Security Retirees Should Do This on Oct. 15
Key Points Social Security recipients rely on cost-of-living adjustments (COLAs) to stay afloat. COLAs are based on third-quarter inflation data. Retirees on Social Security will want to tune in for a big announcement that should arrive in mid-October. The $23,760 Social Security bonus most retirees completely overlook › If you're someone who collects Social Security and those benefits constitute the bulk of your retirement income, then covering your expenses may be somewhat of a struggle. Or it may be a very big struggle, depending on where you live and what your bills look like. The reality is that it's hard to live primarily on Social Security even in the best of times. If you're an average earner, those monthly benefits will take the place of about 40% of your pre-retirement paychecks. And most retirees need a lot more replacement income than that to maintain a decent standard of living. But living mostly on Social Security has become even more challenging in recent years, thanks to rampant inflation. Although inflation has cooled over the past year or two, it seems stuck in an elevated pattern. Higher costs have put a strain on many seniors' budgets, forcing them to make hard choices. If you're someone who's very reliant on Social Security, then you're probably eager to find out what your upcoming cost-of-living adjustment (COLA) will amount to. The bad news is that it's too soon to have that information. The good news is that there's an easy way to know exactly when that official announcement will come through. What we know about 2026's Social Security COLA so far Even though inflation has been persistently elevated this year, it hasn't been out of control. And that's a good thing in terms of living costs. It's a less favorable thing in the context of Social Security COLAs, though, since those annual raises are directly tied to inflation. More specifically, Social Security COLAs are based on movement in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). When there's a rise in the CPI-W year over year, Social Security benefits get a boost. When there's no increase or a decrease, benefits remain flat. Initial estimates are not calling for a particularly generous Social Security COLA in 2026. That could change if inflation starts to pick up in the next month or two. But that's also not a desirable outcome, as it would undoubtedly put a strain on seniors (and consumers in general). When 2026's Social Security COLA gets announced Social Security COLAs are specifically based on third-quarter CPI-W data. For this reason, the Social Security Administration (SSA) makes an official COLA announcement each year in October. This year, September's CPI-W reading should be released on Oct. 15. So, that's the day to tune in for the biggest Social Security announcement of the year. You can specifically check out the SSA's news section for more information. In addition to releasing COLA details in mid-October, the SSA should be unveiling key changes to the program for 2026, including: The wage cap for Social Security taxes The maximum monthly benefit The earnings-test limit The amount of earnings needed to earn work credits It's a big day for Social Security, and it's a good day to pay attention to the news. Once you know what Social Security COLA you're looking at for the new year, you can prepare financially -- for better or worse. The $23,760 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. All Social Security Retirees Should Do This on Oct. 15 was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
