As mortgage interest rates continue to rise, homeowners are being advised to secure their home equity loan rates before it's too late. According to financial experts, locking in a favorable rate now could save thousands of dollars in the long run.

A recent study conducted by CBS News found that a $50,000 home equity loan could cost homeowners an additional $25 per month in 2025 compared to rates currently available. Similarly, a $25,000 home equity loan could see a monthly increase of over $10 by 2025.

With the Federal Reserve expected to raise interest rates in the upcoming months, experts are warning that waiting to secure a home equity loan could result in higher monthly payments for homeowners. By taking advantage of current low rates and locking in a fixed rate before the expected hikes, homeowners can ensure steady and affordable monthly payments.

Financial advisors recommend consulting with a mortgage lender this February to explore options for securing a home equity loan at a favorable rate. By acting now, homeowners can protect their equity and avoid unnecessary costs in the future.