|
|
Article: Home-equity lines still hot
- Article from:
- Deseret News (Salt Lake City)
- Article date:
- September 28, 2003
- Author:
CopyrightCopyright 2003 Deseret News (Salt Lake City). Provided by ProQuest LLC. (Hide copyright information)
|
Rising mortgage rates have burst the refinancing bubble, but
borrowers continue to pour into home-equity lines of credit.
The number of people refinancing has tumbled sharply since
interest rates began climbing in June. Home-equity lines, however,
are tied to a different lending rate -- the prime rate -- which
remains at a 45-year low. As a result, some homeowners who might
otherwise have refinanced are looking to home-equity lines as a means
of getting cash out of their house. Banks are also beefing up their
marketing efforts and rolling out a variety of new products designed
to encourage more customers to use home-equity lines.
As recently as December 2000, rates on home-equity lines ...