National figures reflect a resilient housing market, increasing the overall equity available to homeowners with mortgages this past year. According to market analysts, the average U.S. homeowner gained nearly $10,000 in home equity this year. Home equity rates continue to remain low, and the Federal Reserve has indicated rates are likely to stay that way for several more years.

What does this mean for you?

If you have a mortgage, leverage the low interest rates with the equity in your home to pay off high-interest credit cards and unsecured loans. For example, the average U.S. credit card rate is 15.97% APR1. Check out the significant potential savings you could get with a CEFCU Home Equity Credit Line or Loan:

Loan/Credit Card with another lender CEFCU Home Equity Line of Credit CEFCU Home Equity Loan
$10,000 Balance
Interest Rate 15.97% APR1 4.09% APR2 4.25% APR3
Monthly Payments4 $242.94 $184.56 $185.28
Total Interest Paid5 $4,576 $1,073 $1,117
Total Potential Savings $3,503 $3,459

How does it work?

At CEFCU, you can apply for a Home Equity Credit Line or a Home Equity Loan. With a Home Equity Loan, you borrow a set amount at a fixed rate — perfect to pay off or finance something specific. For more flexibility, a Home Equity Credit Line lets you draw money multiple times from the credit line at a variable rate. To apply, or find out how much equity you may have in your home, go to


1Average National Credit Card rate as of 10/21/2020; sourced from

2APR=Annual Percentage Rate. Initial Home Equity Credit Line rate available as of 10/01/2020 and will be in effect until 12/31/2020, and at the credit union’s option, for a longer period of time. The Annual Percentage Rate may vary quarterly. The fully indexed rate is based on the weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of 1 year available to us as of 9/15/2020. The fully indexed rate is 4.14%. The Annual Percentage Rate for a Home Equity Line of Credit will not go above 18%.

3APR=Annual Percentage Rate based on 4.25% Appraised Value. Rates available for a limited time. Minimum loan amount is $5,000.

4Presumes level payments over 60-month term.

5Illustrative example only; presumes no rate changes in either loan for the entire repayment period. Many credit card rates are subject to change; CEFCU Home Equity Credit Line rates are subject to change quarterly. Your actual savings will vary based on many factors, including, but not limited to the actual rate you are paying on other loan balances.