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Gratitude for High Returns
As we gather with family and friends this Thanksgiving, there’s much to be thankful for in the world of investing. Markets have been kind in 2024, with returns exceeding many investors’ optimistic expectations: Despite starting the year below 5,000 points, the S&P 500 briefly surpassed 6,000 points earlier this month. Year to date, the index is up some 25% at the time of writing.
Still, as we celebrate these gains, it’s important to be clear-eyed about the future: Stellar market performance year after year is not the norm. History shows us that periods of exceptional returns tend to be followed by more muted returns (or even pullbacks). This is sometimes referred to as mean reversion.
Historical data can provide valuable perspective (though past performance doesn’t guarantee future results): Over the past two years, the S&P 500 has returned 58% (assuming dividend reinvestment). In past situations where two-year returns were as high as that, forward returns have typically been more moderate, as the chart below shows.
This doesn’t necessarily mean tough times are coming – forward returns are still positive – but it does mean a balanced approach can pay off. Diversifying, strategic planning, and managing expectations are key to investing for the long-term. Prudent investors will use this time to reassess, rebalance, and prepare their portfolios for whatever markets might throw at them next year.
Economic and Earnings Calendar
Monday
• October Federal Reserve Bank of Chicago National Activity Index: This is a monthly index put together that incorporates 85 indicators from four categories: production and income; employment, unemployment, and hours; personal consumption and housing; and sales, orders, and inventories.
• November Dallas Fed Manufacturing Activity: This is the Dallas Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• Earnings: Agilent Technologies
Tuesday
• November Philadelphia Fed Non-Manufacturing Activity: The Philadelphia Fed’s survey of services executives in the region on business conditions and their outlook.
• September FHFA House Price Index: This is a broad measure of single-family house prices released by the Federal Housing Finance Agency.
• September S&P CoreLogic Case-Shiller Home Price Index: This is a private sector measure of national home prices. After a period of slight decline in the second half of 2022 and early 2023, the index returned to growth and is now at record highs.
• October New Home Sales: While only a minority of home transactions in any given month come from new constructions, these home prices tend to be more cyclical and give insight into developing trends.
• November Conference Board Consumer Confidence: How consumers feel about economic conditions affect their spending habits. This survey places a particular focus on job availability and the state of the labor market.
• November Richmond Fed Manufacturing Activity: The Richmond Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• November Richmond Fed Non-Manufacturing Activity: The Richmond Fed’s survey of services executives in the region on business conditions and their outlook.
• November Dallas Fed Non-Manufacturing Activity: This is the Dallas Fed’s survey of services executives in the region on business conditions and their outlook.
• FOMC Meeting Minutes: The Federal Reserve releases detailed notes of every FOMC meeting three weeks after their conclusion. Investors often look for more information on Fed officials’ views for hints on the outlook for interest rates and the economy.
• Earnings: Analog Devices, Autodesk, Best Buy Co, CrowdStrike, Dell Technologies, HP, JM Smucker
Wednesday
• 3Q GDP Second Estimate: The primary measure of economic activity in the United States, which is measured as total expenditure on a country’s goods and services.
• October Wholesale Inventories and Sales: Wholesalers often operate as an intermediary between manufacturers and retailers, serving as a key part of the goods supply chain.
• October Wholesale and Retail Inventories: Wholesalers and retailers often operate as intermediaries for the sale of manufactured products, serving as a key part of the goods supply chain.
• October Factory and Durable Goods Orders: These metrics give insight into underlying trends for leading cyclical indicators.
• October Personal Income and Spending: These numbers give insight into how Americans are doing, which is important since consumer spending accounts for about two-thirds of economic growth in the United States.
• October Personal Consumption Expenditures Price Index: The Fed targets this inflation measure for its price stability mandate and believes PCE to be the best measure of consumers’ spending habits.
• Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.
• Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits. Jobless claims have continued to show a labor market that remains strong despite having cooled.
Thursday
• Thanksgiving Day. U.S. markets are closed.
Friday
• U.S. markets will close early.
• November Chicago Business Barometer: The barometer provides information on U.S. economic activity and business conditions, consisting of seven activity indicators and three buying policy indicators.
• Earnings: Kroger
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
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Student loans aren’t only a young person’s problem. Though they are one of the well-known culprits keeping young adults from hitting traditional financial milestones – buying a home, getting married, having children – older people are falling behind on student loans, too.
In fact, there are 9 million student loan borrowers over the age of 50 who owe a combined $400 billion, according to the Department of Education. That’s roughly $45,000 per borrower, on average. And that could translate into a minimum payment of several hundred dollars per month – enough to put a serious dent in a monthly budget.
Guidelines and Milestones
There’s a pretty good consensus on some of the basic guidelines for retirement saving. One of them is that people aged 50 and up should be contributing at least 15% of their annual income toward saving for retirement, according to Brian Walsh, CFP® at SoFi. But that could be a real challenge for borrowers who are already diverting hundreds of dollars every month to paying down student loans.
Here’s another one: Financial planners recommend that you have six times your annual income saved for retirement by age 50. But only about one-third of workers between the ages of 45 and 59 view their retirement savings as “on track,” according to 2022 data from the Federal Reserve.
The Struggle Is Real
One thing seems clear: As the government continues to wrestle with itself over student loan relief and forgiveness, student loan debt isn’t going away anytime soon. And student loans, unlike most other forms of debt, cannot be discharged in bankruptcy. In fact, the government can garnish your wages – as well as up to 15 percent of your Social Security benefits – to repay your federal student loans if needed, according to the the AARP.
Steps to Save Better
The best way to supercharge saving for retirement is to take advantage of an employer-sponsored retirement plan, such as a 401(k) – especially if a contribution match is available. It’s worth noting that SoFi offers a 1% match on contributions to a Traditional or Roth IRA, up to the annual contribution limits. And speaking with a financial planner – something that’s available for free to every SoFi member – may reveal new strategies and tactics to shore up your retirement accounts.
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
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• Home equity loans allow homeowners to borrow against their home equity for expenses like home renovations, education, or debt consolidation.
• Home equity loan rates are influenced by factors such as the prime rate, economic conditions, borrower profiles, and market trends.
• To secure the lowest home equity loan rates, it is important to establish a strong credit score, manage debt-to-income ratio, obtain adequate property insurance, and maintain sufficient home equity.
• Home equity loans offer fixed rates, with stable monthly payments.
• Alternatives to home equity loans include HELOCs, HECMs, and cash-out refinances, each with unique characteristics and eligibility criteria.
Introduction to Home Equity Loan Rates
If you’ve been thinking about how to get equity out of your home to fund home improvements or another big project, you may be considering a home equity loan. In this guide, you’ll find the most comprehensive information on home equity loan rates in South Dakota. We’ll cover how rates are decided and what you can do to qualify for the best available rate. We’ve also got information on alternative borrowing options as there are different types of home equity loans.
A home equity loan is a fixed-rate installment loan that uses your home as collateral. Because it’s effectively a second mortgage, secured by your property, it will likely offer a lower interest rate than an unsecured personal loan. You repay the money you’ve borrowed, with interest, over anywhere from 5 to 30 years, depending on your loan agreement. The fixed interest rate can make it easier to budget for your monthly payments. To qualify for a home equity loan, you typically need at least 20% equity in your home. You can use the loan to pay for a variety of expenses, such as education, medical bills, or debt consolidation.
Where Do Home Equity Loan Interest Rates Originate?
The chief driver of a home equity loan’s cost is its interest rate. In South Dakota, as elsewhere in the U.S., home equity loan interest rates are a product of a lender’s prime rate — the rate the lender offers its most creditworthy customers. The prime rate is influenced by Federal Reserve monetary policy. By grasping the dynamics at play, borrowers can watch for news on Fed movements or prime rates to better anticipate fluctuations in interest rates.
How Interest Rates Impact Home Equity Loan Affordability
The ups and downs of interest rates will have an impact on what it costs you to borrow money. A 1% difference in an interest rate might not seem like much, but it can add up to a significantly higher monthly payment over the life of a loan. The chart below shows how different loan amounts, interest rates, and loan terms influence your monthly costs.
Loan Amount
Loan Term
Interest Rate
Monthly Payment
$100,000
20 years
8.00%
$836
7.00%
$775
10 years
8.00%
$1,213
7.00%
$1,161
$50,000
20 years
8.00%
$418
7.00%
$388
10 years
8.00%
$607
7.00%
$581
$25,000
20 years
8.00%
$209
7.00%
$194
10 years
8.00%
$303
7.00%
$290
Home Equity Loan Rate Trends
If you’re watching for news rate shifts, it’s helpful to have a sense of how much change is typical. Below you’ll see a snapshot of recent years in detail (it dropped to a low of 3.25% in 2020 and peaked at 8.50% in 2023), plus a visual showing 50-plus years of rates. This should give you a feel for how much movement you might expect.
You’re not purely at the mercy of big economic trends when it comes to getting a home equity loan rate in South Dakota. Many other factors can influence the rate you are offered and, thankfully, some of them are within your control.
Credit Score
If you’ve been diligent with your finances and have a credit score of 680 or more, you’re in a great position to secure a competitive interest rate. And you can expect an even sweeter rate with a score of 700 and above.
Home Value
Lenders typically use appraisals to ensure that the amount of money they lend you is not more than the home’s value. This is good for you as well, as it will help you avoid borrowing more than you can afford. A prospective lender may send an appraiser to your home or use a digital tool called an automated valuation model that amasses data and arrives at an estimated value.
Loan-to-Value (LTV) Ratio
Once you know the value of your home, you (or your lender) can compute the LTV ratio. This is the loan amount (whatever you owe on your current home loan plus the amount you wish to borrow) divided by the appraised value of the property. The maximum LTV most lenders will permit is 85%. The LTV ratio is also used to determine the interest rate and loan term offered.
Home Value Stability
When home values seem to be trending upward, lenders may be more inclined to approve larger loan amounts, as the increasing value of the property mitigates some risk. Conversely, when home values are declining, a lender may feel more exposed, which can lead to stricter lending criteria and reduced loan amounts. So keep an eye on what’s happening in the real estate market in your corner of South Dakota.
Property Location
Living in areas with a higher risk of natural disasters or extreme weather can sometimes mean you’ll face higher interest rates on your home mortgage. Lenders may see these areas as riskier places in which to do business.
Lender Policies
Each lender has its own unique set of policies and these can affect what rate you’re offered or whether you qualify for a home equity loan at all. To ensure you get the best deal, take the time to shop around and compare interest rates, fees, and closing costs among multiple lenders.
How to Qualify for the Lowest Rates
To get the best home equity loan rates, make sure your financial house is in order before you begin applying.
Build a Strong Credit Score
A higher credit score can be your ticket to a better rate on South Dakota home equity loans, potentially saving you a bundle on interest over the loan’s lifetime. Make sure you check your credit report now and then and correct any inaccuracies. Avoid using your credit cards to the max. And above all, stay current on your bills.
Manage Debt-to-Income Ratio
Your debt-to-income (DTI) ratio is a critical number for loan eligibility. It compares your monthly income to your monthly debt obligations. Most lenders require a DTI of 36% or less, though some will allow a max of 50% for a home equity loan. To compute your DTI, add up all your monthly debts (car payment, student loan, credit cards, current mortgage, for example) and divide the answer by your gross monthly income.
Obtain Adequate Property Insurance
You should already have solid property insurance — after all, it’s the smart thing to do and probably required by your primary mortgage lender. But you’ll definitely need this if you’re in the market for a home equity loan.
Maintain Sufficient Home Equity
You’ll need to keep at least 20% equity in your primary residence if you’re eyeing a home equity loan. When you’re assessing your equity, remember to use the current appraised value of your home, not the amount you paid for it initially.
Fixed vs. Variable Interest Rates
Home equity loans typically come with fixed interest rates. This means you can expect to make the same monthly payment over the life of the loan. While fixed rates offer predictability, they may start out higher than variable rates. Variable rates, on the other hand, can start out lower but may increase over time.
Tools & Calculators
Using an online calculator can help you determine if you might qualify for a home equity loan (or its cousin, the home equity line of credit, or HELOC). A calculator can also give you an idea of how much you could borrow and what your monthly payments would look like. Check out three of our favorites:
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Closing Costs and Fees
Closing costs for a home equity loan typically fall between 2% and 5% of the loan amount. You might find charges for the appraisal, credit report, document preparation, notary, title search, and title insurance. Since these fees can differ based on the lender and loan terms, it’s wise to factor each lender’s fees into the total cost of the loan as you make your decision.
Tax Deductibility of Home Equity Loan Interest
If you use your home equity loan to build or substantially improve a home, the interest you pay could be deductible. Joint filers can claim as a deduction interest on up to $750,000 of a home equity loan, while single filers can claim interest on up to $375,000 of a loan. Just remember to itemize your deductions when you file your taxes. And save the receipts from your renovations with your tax documents.
Alternatives to Home Equity Loans
In addition to traditional home equity loans, there are several alternative financing options available to homeowners, each with its own distinct features.
Home Equity Line of Credit (HELOC)
A HELOC is a bit like a credit card in that it provides a revolving line of credit that you can draw on as needed. When you consider a HELOC vs. a home equity loan, remember that with a HELOC, you only pay interest on the amount of the credit line that you actually use. However, the interest rate on a HELOC is variable, meaning that it can fluctuate with the market. This can lead to increased costs if rates rise. A HELOC monthly payment calculator can help borrowers see how changing rates impact costs.
Home Equity Conversion Mortgage (HECM)
An HECM, or home equity conversion mortgage, is a government-insured reverse mortgage that allows homeowners aged 62 and older to receive payments from the lender based on their home’s value. Borrowers can choose to receive the funds as a lump sum, regular payments, or a line of credit and don’t need to make payments until they leave the home, unlike home equity loans and HELOCs. HECMs may have higher closing costs and longer processing times, but they offer a unique set of benefits. (While SoFi does not offer HECMs at this time, we do offer home equity loans and HELOCs.)
Cash-Out Refinance
A cash-out refinance is a special type of mortgage refinance. It gets you a brand new mortgage for more than you owe on your existing mortgage. You take the difference in cash to use as you wish. One difference in the cash-out refinance vs home equity line of credit equation is that, unlike a home equity loan or HELOC, a cash-out refi leaves you with a single monthly payment. If you’re considering a cash-out refi, take a close look at the mortgage interest rates in South Dakota and think about how they compare to the rate you have on your current mortgage. You’ll want to make sure you stand to save money, ideally by securing a lower rate.
The Takeaway
Understanding home equity loan rates and options available in South Dakota can help you make well-informed decisions about which type of loan to go with — or whether to borrow at all. Make sure you have adequate equity in your home and that your credit score is healthy before you begin applying for a home equity loan. And consider all options, including a HELOC.
Unlock your home’s value with a home equity loan from SoFi.
What will your monthly payment be on a $50,000 loan?
Payments on a $50,000 home equity loan will be driven by the interest rate and loan term. Assuming a 10-year term, if your interest rate is 7.00% your monthly payment would be $581. At 8.00% it rises to $607.
What is the monthly payment on a $100,000 HELOC?
If you used your full $100,000 home equity line of credit (HELOC), and your interest rate was 8.00%, you’d pay $836 per month to repay the funds over 20 years. Longer repayment terms might have smaller monthly payments but you will pay more in interest over the life of the loan.
What will you pay on a $25,000 home equity loan?
When you’re pondering a $25,000 home equity loan, the interest rate and loan term are key players in your monthly payment. To get a handle on what this might look like, use a home equity loan calculator.
What would the payment be on a $30,000 home equity loan?
Borrowing $30,000 with a 20-year term at a rate of 7.50% would mean a monthly payment of $242. A different interest rate or loan term will change the monthly payment amount.
What could disqualify you from getting a home equity loan?
There are a few things that might stop you from getting a home equity loan. If your credit score is too low, your debt-to-income ratio is too high, you don’t have enough equity in your home, or you don’t have enough insurance on your home, you might not be able to get a home equity loan.
What are the advantages of a HELOC?
A home equity line of credit (HELOC) offers several benefits, including flexibility in borrowing, a lower interest rate than a credit card, and the ability to pay interest on only the amount you’ve borrowed. This makes HELOCs a good option for homeowners who might need varying amounts of cash over time for different financial needs or long-term projects.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945. All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
This content is provided for informational and educational purposes only and should not be construed as financial advice.
