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Prime rate

Understanding Prime Rate

The balance of your HELOC is subject to changing rates. This means that, whenever rates increase or decrease, your payment will increase or decrease as well.

Graphic depicting US Prime Rate for 2008 and 2015-2018, with highest in 2008 at 6.5%, lowest in 2015 at 3.25%. 2018 rate is 5.5%. Historical average is 6.9%. Source: fedprimerate.com

We have options to help minimize the impact.

Pay Down Your Principal

Pay down your principal to reduce the increase in your monthly payment.

Lock In Your Rate

If you’re in your draw period, lock your existing balance into a fixed-rate.

Refinance

Refinance your current balance into a fixed-rate mortgage.