Latest news with #VA
Yahoo
9 hours ago
- Business
- Yahoo
HELOC rates today, May 30, 2025: Interest rates edge slightly higher
HELOC rates edged slightly higher today, as tariffs were off, and then on again Thursday, with conflicting decisions from two authorities bouncing edicts back and forth. President Trump also met with Fed Chairman Jerome Powell, making it clear he wanted to see interest rate cuts sooner rather than later. Powell apparently made no promises. In a statement, the Fed said the chairman "did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook." Here's how that news impacted home equity line of credit interest rates today. Dig deeper: HELOC vs. home equity loan: Tapping your equity without refinancing According to Zillow, rates on a 10-year HELOC are up two basis points to 6.89% today. The same rate is also available on 15- and 20-year HELOCS. VA-backed HELOCs dropped four basis points to 6.34%. 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. 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%. However, you will find reported HELOC rates are much lower than that. That's because lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan. 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. 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. Today, Lending Tree is advertising a 6.63% rate on a HELOC. 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. 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. 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. 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.
Yahoo
9 hours ago
- Business
- Yahoo
HELOC rates today, May 31, 2025: Interest rates on HELOCs fall as inflation cools
HELOC rates fell today, as Friday's inflation report showed consumer prices still cooling. This gives the Federal Reserve a little breathing room to continue a pause on further interest rate cuts. The FOMC is expected to skip a June rate decrease, and is widely believed to wait until September for further rate relief. However, HELOC rates are more demand-driven than mortgage rates, with bank and credit union deposits funding most home equity line of credit accounts. This gives depository institutions more latitude in competitive pricing. Dig deeper: HELOC vs. home equity loan: Tapping your equity without refinancing According to Zillow, rates on a 10-year HELOC are down five basis points to 6.84% today. The same rate is also available on 15- and 20-year HELOCS. VA-backed HELOCs moved up two basis points to 6.36%. 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. 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%. However, you will find reported HELOC rates are much lower than that. That's because lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan. 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. 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. Today, FourLeaf Credit Union is offering a HELOC rate of 6.49% for 12 months on lines up to $500,000. That's 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. 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. 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. 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.
Yahoo
20 hours ago
- General
- Yahoo
KCDC honored in D.C. for veterans housing development in Knoxville
KNOXVILLE, Tenn. (WATE) — Liberty Place in West Knoxville has earned a national honor for helping veterans. The 32-unit housing site was recognized by the National Coalition for Homeless Veterans. Knoxville's Community Development Corporation (KCDC) received the Outstanding Partnership Award during the group's annual conference in Washington, D.C. The award honors groups that demonstrate creativity and collaboration. Liberty Place, which opened in November, provides permanent housing for homeless veterans. It features solar panels, ADA units, and on-site VA support. More than 25 local groups helped furnish and support the residents. This is also KCDC's first housing site dedicated specifically to veterans. Five injured after EF-0 tornado in Loudon County 'Liberty Place would not have been possible without the partnerships that were built at all levels and phases of development, ranging from local, state and federal agencies to nonprofits and community members,' KCDC Executive Director and CEO Ben Bentley said. 'Liberty Place is a success because of these collaborations and is an example of how developments can and should work within our community to support homeless veterans.' The project was made possible with help from the Department of Veterans Affairs (VA), the Knoxville Homeless Management Information System, local Volunteers of America, and The McNabb Center. Funding for the $15 million project included $2 million in federal funds, $500,000 from affordable housing funds from the City of Knoxville, $7.1 million in tax credits from the Tennessee Housing Development Agency (THDA), and $1 million from the HOME Investment Partnerships American Rescue Plan Program (HOME-ARP). Additionally, the land for the site was donated by Knox County. Veterans Voices: Hear the stories of those who served KCDC worked with local partners to stock the residents' kitchens before a significant snowstorm that was predicted shortly before the opening, and these partners continue to provide monthly food donations to the residents. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
a day ago
- Business
- Yahoo
Veterans' protests planned for D-Day latest in nearly 250 years of fighting for their benefits
Veterans across the United States will gather on June 6, 2025, to protest the Trump administration's cuts to the Department of Veterans Affairs, as well as the slashing of staff and programs throughout the government. Veteran-led protests will be held at the National Mall, 16 state capitol buildings and over 100 other venues across 43 states. Veterans are disproportionately affected by federal cuts, in part because they make up only 6.1% of the U.S. population but, because of 'veterans preference' in federal hiring, they compose 24% of the 3 million federal workers facing mass layoffs under the Trump administration. Veterans also depend on comprehensive, free, federally funded health care through VA clinics throughout the country. But that care is deteriorating due to cuts, rule changes and return-to-work policies that make it impossible for many VA workers to effectively provide care. Looming cuts to the VA may cause an irreversible blow if the VA stops providing comprehensive care to veterans and, instead, pushes veterans into seeing doctors in private practice. This is not the first time that veterans have engaged in mass mobilization. Veterans groups in the U.S. have successfully mobilized for centuries, crossing traditional political divisions such as race, class and gender. They are powerful messengers, and their actions in the past have helped secure back pay and pensions for veterans, a Social Security and welfare system for U.S. civilians, and foreign policy changes to end wars abroad. I'm a scholar of law, social movements and veterans benefits. Here's a brief history of veterans' campaigns that illustrates how veterans developed their political clout and effectively advocated to protect themselves, and many others, from harmful federal policies. Veterans were not always politically popular, nor were they treated well by the federal government. After the Revolutionary War ended in 1783, Gen. George Washington lobbied Congress to offer lifetime half-pay to officers who served until the end of the war. Given the federal government's financial precariousness at the end of the war, this effort failed. Veterans were unable to successfully mobilize to advocate for the pensions, given their small numbers and internal divisions between more privileged officers and less privileged soldiers. During the Civil War, Congress passed numerous laws designed to support veterans. The 1862 pension law allocated payouts in proportion to a soldier's permanent bodily injury or disability caused by their service. The benefits were generous in comparison with prior allocations, and more veterans began applying for them. Yet, by 1875 only 6.5% of veterans had signed up for pensions. Veterans began to organize to increase awareness about these benefits and to lobby for more. The Grand Army of the Republic became a leading veterans organization that demanded better pension and disability benefits. At the end of the 1800s, earning veterans' votes became a priority for aspiring politicians. The Grand Army of the Republic directly lobbied Congress to pass bills expanding veterans pensions, one of which Democratic President Grover Cleveland vetoed in 1887. The organization then successfully mobilized its members to vote against Cleveland in the 1888 election, securing victory for presidential candidate William Henry Harrison and for Republicans in both houses of Congress. This secured the 1890 Arrears Act, which expanded veterans' pensions and disability payments. By the turn of the 19th century, over 40% of federal expenditures went to veterans. As more veterans returned in 1898 from fighting in the Spanish-American War, and with a huge influx of veterans 20 years later from World War I, veterans mobilized to streamline and expand pension and disability benefits. In the 1920s, the two most prominent veterans organizations, the American Legion and Veterans of Foreign Wars, or VFW, formed a national legislative committee dedicated to lobbying for improved benefits. Each group boasted thousands of members whom they could call on to 'barrage'– a veterans term – congressmen with letters. By 1929, even as the federal budget ballooned, veterans benefits still represented 20% of the total federal budget. The 1924 'Bonus Act,' which Congress passed after overruling Calvin Coolidge's presidential veto, offered WWI veterans a deferred 'bonus' payment available in 1945. But veterans suffered immensely in the Great Depression, along with the rest of the country. Veterans tried a new campaign tactic in 1932, creating the 'Bonus Expeditionary Forces,' or 'Bonus Army,' march on Washington, D.C., to demand their promised pay be delivered sooner. Over the course of three months, from May through July 1932, 40,000 veterans set up encampments throughout the city. During their stay, they crowded congressional galleries and plazas during debates on the bill. When President Herbert Hoover called on the military to disband the encampments, he set himself up for electoral defeat later that year. It took another four years for Congress to pass a law offering an immediate payout, but the veterans got their bonuses in 1936, not 1945. Building from public support bolstered by the Bonus Army march, veterans fought publicly to protect their benefits in the Great Depression. In 1933, President Franklin Delano Roosevelt sought to cut veterans' benefits to help finance other relief programs during the Depression, but veterans successfully lobbied Congress to rescind the cuts. A 1933 VFW encampment in Milwaukee attracted 10,000 veterans who openly decried Roosevelt's economic policies. The event featured left-wing Louisiana populist Sen. Huey P. Long and former Marine turned anti-Wall Street populist Smedley Butler. The U.S. entered World War II in December 1941. To avoid another spectacle, FDR began developing a compensation program for World War II veterans even before the war's end. During debates about these expenditures, veterans activism helped ensure the generous educational, housing and vocational benefits from the so-called GI Bill developed by FDR, and the soldier vote helped secure FDR's fourth-term election in 1944. Scholars credit the GI Bill with creating a booming U.S. economy from the 1950s through the 1970s and creating the contemporary middle class, an economic and social group now shrinking and under threat. After World War II, veterans' mobilization expanded from a focus on benefits to foreign policy. Most famously, after its founding in 1967, Vietnam Veterans Against the War engaged in street theater and gathered testimonies about U.S. military abuses to condemn the U.S. government for violence against the Vietnamese. Vietnam Veterans Against the War helped organized a four-day protest in 1971 in Washington, D.C., including camping on the National Mall. The organization continued to mobilize in more traditional ways, drafting congressional legislation for benefits and promoting investment in psychological support for Vietnam veterans. Veterans have continued to protest wars, particularly the Iraq War, engaging in street protests and also through mainstream politics such as elections and television advertising. Given their experiences, veterans today know what they are standing up for on June 6: their own freedom and prosperity, as well as the country's and the world's. This article is republished from The Conversation, a nonprofit, independent news organization bringing you facts and trustworthy analysis to help you make sense of our complex world. It was written by: Jamie Rowen, UMass Amherst Read more: 5 reasons veterans are especially hard-hit by federal cuts Peace advocates have long been found among veterans who fought in America's wars Military veterans are disproportionately affected by suicide, but targeted prevention can help reverse the tide Jamie Rowen receives funding from National Science Foundation.
Miami Herald
a day ago
- Business
- Miami Herald
Thousands of Veterans to March on DC Over Benefits Cuts-'Will Not Stand By'
Thousands of veterans are expected to march on Washington, D.C., to protest expected cuts at the Department of Veterans Affairs. The VA is the second-largest U.S. government department, employing around 470,000 people. There are some 6.2 million veterans in the United States who receive disability benefits from the VA. In its budget proposal for fiscal year 2026, the Trump administration called for a 4 percent discretionary spending increase at the VA, largely targeting improvements to medical care and records technology. However, that number is expected to decrease after VA Secretary Doug Collins recently informed Congress that, to offset costs, 15 percent of the VA workforce will be reduced in the coming years. The Trump administration is arguing that technology advances will help the agency function despite staffing cuts. The cuts come amid a broader effort to reduce costs and streamline government services. Earlier this month, Federal News Network reported that over 14,000 VA employees in health care positions applied to leave their jobs through separation incentives offered by the federal government. However, veterans have expressed concerns that job cuts will compromise their ability to access benefits due to the reduced staffing levels. The rally will take place at the National Mall in Washington, D.C., on June 6 at 2 p.m. ET. It coincides with the 81st anniversary of D-Day, when Allied forces launched the invasion of Normandy, France, during World War II. The campaign website said it expected "thousands of veterans, military families, and their allies" to attend the march. Rally leaders described themselves as the "Bonus Army of 2025," referencing the 1932 protest in which World War I veterans and their supporters marched on Washington to demand payment of their promised bonuses amid the Great Depression. The Unite For Veterans website said: "America made a promise to its veterans. It's a promise we intend to keep." It added: "We are coming together to defend the benefits, jobs, and dignity that every generation of veterans has earned through sacrifice." Department of Veterans Affairs Secretary Doug Collins, at a Senate hearing in early May: "We have been emphatic that we will not be cutting benefits and health care, only improving them." Margaret Cooney, senior campaign manager at the nonpartisan Center for American Progress, wrote on May 23: "Overall, these cuts to staffing and funding will damage public health and safety; harm economic interests and programs, such as like the VA's Armed to Farm program that support veterans' transition into faming; and leave U.S. veterans without the support they were promised for serving their country." The cuts are expected to take place in August, according to a memo from the VA chief of staff, seen by The Wall Street Journal. Whether the administration reacts to the backlash remains to be seen. Related Articles Veteran's Daughter Living in US 48 years Locked Up by ICEVA Disability Benefits: Payment Worth up to $4,544 Due This WeekVeteran Spent 40 Years Looking for Friend He Served With-Then Gets SurpriseVeterans Group Attacks Trump Cuts in Memorial Day Message 2025 NEWSWEEK DIGITAL LLC.
