Home equity borrowing just delivered another bit of good news for homeowners watching rates closely. According to a midweek update from Bankrate, both home equity loans and HELOCs stayed below the 8% mark, giving borrowers a relatively affordable way to tap equity without the headache of refinancing their first mortgage into a worse rate. The median rate on a five-year home equity loan is sitting at 7.99%, while the average HELOC rate is even lower at 7.81%, keeping both options firmly in "worth considering" territory for people who need cash for major expenses.

That affordability is a noticeable shift from where things stood not long ago. HELOC rates, in particular, were hovering around 10% back in September 2024, which made borrowing against your home substantially more expensive. Now that borrowing costs have cooled, the opportunity is real—but so is the risk of moving too quickly or choosing the wrong product for the wrong reason. If you're considering a home equity loan or HELOC while rates are under 8%, there are three smart moves that can help you take advantage of the moment without setting yourself up for surprises later.

The first is to be clear-eyed about what you're actually signing up for with a HELOC. A HELOC is attractive right now because its variable rate tends to respond when broader interest rates trend down, and that's helped push today's costs lower than last year's. But the same feature that makes a HELOC feel like a win in a cooling cycle can become a problem if rates level off or climb again. Because HELOC rates can reset monthly, you're agreeing to live with some payment volatility, and the safe approach is to make sure your budget can handle a higher rate than today's—even if you never end up paying it.

The second move is to understand the hidden friction of refinancing a home equity loan. Some borrowers look at today's fixed home equity loan rates and assume they can lock one in now, then refinance cheaply later if rates drop further. The catch is that refinancing typically comes with closing costs that can run roughly 1% to 5% of the loan amount, which can erase the benefit of a modest rate drop. It also assumes the rate environment cooperates quickly enough to make refinancing worthwhile, which is far from guaranteed. A home equity loan can be a strong choice for stability, but it's not ideal if your entire strategy depends on refinancing soon.

The third move is to shop beyond your current mortgage lender. Many homeowners default to the bank they already use because it feels simpler, but the best terms often come from lenders competing aggressively for new business. In a cooler rate climate, that competition can show up as better pricing, lower fees, or more flexible terms, and you won't see it if you only take one quote. A smarter approach is to collect multiple offers, compare the full cost structure, and then either choose the best deal or use it to negotiate with your current lender.

Home equity borrowing is meaningfully cheaper today than it was in the recent past, and that opens doors for homeowners who need financing. But the real win isn't just getting a rate under 8%—it's choosing the right product, planning for rate and payment realities, and making sure fees don't quietly eat your savings. If you take a measured approach now, you give yourself the best chance to benefit from today's conditions without regretting the decision halfway through repayment.

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If your utility bill has started to feel like a second mortgage, you're not imagining it. Electricity prices have climbed year over year, and natural gas customers are seeing even sharper jumps. The uncomfortable truth is that higher demand—driven by extreme weather, a growing need for power-hungry data centers, and shifting energy production—doesn't usually reverse overnight. Some forecasts even suggest rates could keep rising for years.

The good news is you're not powerless here. A handful of small, everyday habits can trim your monthly costs quickly, and a few bigger upgrades can change the entire trajectory of what your home costs to run. Think of this as a two-track plan: "start saving this week" and "save bigger for the long haul."

Start with the easiest wins: everyday changes that add up

One of the simplest ways to lower your bill is to make sure you're not overpaying for electricity in the first place. In states where you can choose your supplier, it's worth comparing rates periodically—many people get stuck on a default plan that isn't the best deal anymore.

Next, check whether your utility offers time-of-use pricing. These plans charge more during peak hours and less during off-peak hours. If your household can shift a few power-heavy tasks—like laundry, dishwashing, or running the dryer—into cheaper hours, the savings can be real. Some places automatically enroll customers in these plans, so it's smart to call and confirm what you're on.

From there, go straight to temperature control. If you're still using a manual thermostat, upgrading to a smart thermostat is one of the most painless improvements you can make. It lets you adjust the temperature from your phone, build schedules around your routine, and in many models, learn your habits over time. Even without fancy features, simply adjusting your thermostat by about 7–10 degrees for several hours a day when you're asleep or out of the house can noticeably cut heating and cooling costs.

While you're thinking HVAC, don't skip basic maintenance. A dirty air filter forces your system to work harder, which costs you money every hour it runs. Swapping filters on schedule and getting an annual tune-up helps your unit run cleaner, quieter, and cheaper.

Ceiling fans are another underused tool. They don't cool the air, but they make the room feel cooler by moving air across your skin—meaning you can often nudge the thermostat a bit without feeling it. The direction matters: counterclockwise in summer to push air down, clockwise in winter to circulate warm air near the ceiling. Just remember: fans only help when you're in the room, so shut them off when you leave.

Seasonal light management is surprisingly powerful, too. In summer, direct sunlight heats rooms fast; closing blinds or using backed drapes on sun-facing windows can reduce heat gain. In winter, open curtains during the day—especially on south-facing windows—to let the sun do some of the heating for free.

Then there's the quiet bill-killer: air leaks. Drafts around doors, windows, vents, and attic hatches aren't just uncomfortable—they're expensive. A little caulk and weatherstripping can reduce wasted heating and cooling and make your home feel more stable temperature-wise. If you have a fireplace, closing the flue when it's not in use prevents conditioned air from escaping straight up the chimney.

Lighting is another quick fix. If you still have incandescent bulbs, switching to LEDs can reduce energy use and save you from replacing bulbs constantly. LEDs sip electricity compared to older bulbs and last dramatically longer.

Water heating also deserves attention because it's often one of the biggest energy costs in the home. Many water heaters are set hotter than necessary. Dropping the temperature to around 120 degrees can lower costs and reduce scald risk. If your water heater is older, adding an insulating blanket can help it hold heat instead of constantly reheating.

In the kitchen, you can save energy without changing what you cook—just how you cook it. A toaster oven uses far less energy than heating a full-size oven for small meals or reheating leftovers. When you do use the oven, avoid opening the door repeatedly because the temperature drops fast and the oven has to burn more energy to recover.

Laundry is another quiet drain: most of the energy used by washing machines goes toward heating water. Washing with cold water for everyday loads is an easy shift, and cleaning the dryer lint filter before each cycle improves airflow, meaning shorter dry times and less energy.

Finally, go after "energy vampires." TVs, chargers, game consoles, printers, and even small appliances draw power while sitting idle. If you don't want to unplug everything constantly, use a smart power strip or timer strip to shut down clusters of devices automatically.

Bigger moves: upgrades that change your home's efficiency permanently

If you want smarter decisions before you spend real money, start with an energy audit. It's essentially a diagnostic check that identifies exactly where your home is losing energy and where improvements will have the best payoff. Many utilities offer discounts or rebates for audits, and there may also be federal incentives available depending on current tax rules.

Once you have a plan, you can target upgrades that actually matter: adding insulation in attics and crawl spaces, sealing major leaks, replacing inefficient equipment, or upgrading old appliances to modern high-efficiency models. Energy-efficient appliances can lower usage over time, and in many areas there are rebates available to reduce upfront cost.

For some homeowners, solar becomes the long-term play. It's a large investment, but with the right sun exposure, available incentives, and enough time in the home, it can significantly reduce electricity costs and protect you from future rate spikes. Tools that estimate solar potential based on your address can help you determine whether it's worth exploring.

The simplest strategy that works

• Don't try to do all of this at once. Pick three steps that fit your season and your lifestyle:
• Right now, this week: air filter + thermostat schedule + seal drafts
• Next month: LED bulbs + water heater temp adjustment + smart power strip
• This year: audit + insulation/sealing upgrades + appliance planning

Utility costs may keep climbing, but your home doesn't have to climb with them. If you tell me whether your biggest bill is summer cooling or winter heating—and whether you use electricity, gas, or both—I'll prioritize the best savings moves for your specific situation.

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Lower borrowing costs appear to be nudging more buyers back into the housing market. Contracts to purchase existing U.S. homes climbed in October, posting a stronger-than-expected gain as shoppers took advantage of mortgage rates that had been drifting downward.

The National Association of Realtors reported that pending home sales increased 1.9% last month, following a small, upwardly revised 0.1% rise in September. Economists had anticipated a much smaller move—forecasting growth of about 0.5%—which suggests demand responded more quickly than many analysts expected.

Even with the month-to-month improvement, the market hasn't fully regained its footing. Pending sales were still 0.4% lower than a year earlier, underscoring that affordability pressures remain a major hurdle for many would-be buyers.

A seasonal shift gives buyers more leverage

NAR's chief economist Lawrence Yun noted that the months ahead may bring a different dynamic for shoppers. As the calendar moves into late fall and winter, homes often sit longer, especially between November and February, a stretch when sellers may be more willing to negotiate because fewer buyers are actively hunting.

Regional results were mixed

October's increase wasn't evenly distributed across the country. Contracts rose in the Northeast, Midwest, and the South, while the West moved in the opposite direction, showing a decline. That regional split reflects how strongly local affordability, inventory, and price levels can shape buyer behavior—even when national mortgage rates move the same direction.

Rates helped—though the path forward is less clear

Mortgage rates had been easing after the Federal Reserve resumed interest rate cuts, according to Freddie Mac data. But that downward momentum has slowed as some Fed officials have suggested they may be cautious about cutting again in December. Still, New York Fed President John Williams recently indicated that rates could decline again "in the near term," leaving the market in a watch-and-wait posture.

For buyers, the takeaway is simple: even small rate improvements can spark activity, especially when inventory and timing create negotiation opportunities. For the broader housing market, October's numbers point to cautious optimism—demand is still there, but it's highly sensitive to the direction of mortgage rates.

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A new mixed-income apartment development is set to break ground near Covington, aiming to add much-needed rental options in an area where local leaders have repeatedly warned that affordable housing supply isn't keeping up with demand.

The project, called Capstone at Covington Place, will bring 80 apartments to a site on Falconer Drive, near the U.S. 190 commercial corridor just north of Interstate 12. The $31 million community is being developed by the Banyan Foundation, a Birmingham-based organization with a track record of affordable and mixed-income projects across the Southeast, including sites in Louisiana.

Why this location is getting less pushback than usual

In St. Tammany Parish, apartment proposals often draw heavy criticism from residents who worry about traffic, strained infrastructure, and declining property values. This project, however, has largely avoided the kind of neighborhood opposition that tends to follow multi-family developments.

One reason is the setting: the complex is planned beside the Lowe's Home Improvement store, in a zone that already leans heavily commercial. Because the land is already zoned for multi-family housing and sits amid retail development, parish officials say it's a more natural fit than a project placed near established subdivisions.

The developer also emphasized that the organization tries to avoid pursuing sites that would trigger large-scale conflict, preferring locations where the proposed use aligns with existing zoning and surrounding land uses.

How the "mixed-income" model will work

According to the development team, the project is designed to serve a range of household incomes—not a single income bracket. Rent levels will vary by unit type and tenant income, with apartments designated for households in different earnings ranges:

• A small portion aimed at residents earning under $30,000 per year
• A larger share targeted to households in the $30,000–$50,000 range
• The majority marketed toward residents earning roughly $60,000–$80,000

The goal, the developer says, is to create a community where residents with different income levels can live in the same complex, rather than separating "affordable" housing into a standalone category.

Funding tied to post-Ida recovery

A significant part of the financing—about $15 million—is coming through federal grant funding administered by the State of Louisiana, intended to support areas impacted by Hurricane Ida. That money helps close the gap that often makes mixed-income developments difficult to build without either sharply higher rents or heavy private subsidies.

A broader housing debate in St. Tammany

The timing of the project lands in the middle of a larger parish conversation: how to grow without overwhelming infrastructure—and how to create housing options that match what workers can actually afford.

Real estate figures in recent months have shown St. Tammany home prices holding at levels that can be tough for first-time buyers or moderate-income families. Meanwhile, builders have long argued that the permitting process for multi-family or entry-level housing can be difficult. Residents, on the other hand, frequently urge parish leaders to slow development until roads, drainage, and public services catch up.

Parish officials have also discussed ongoing efforts to complete a more detailed housing analysis that could clarify exactly what kinds of housing are most needed, and where.

Local official calls it a "good fit"

The parish council member representing the area said the project appears appropriately placed—largely because the zoning supports it and the surrounding environment is already commercial. He also framed it as an example of trying to balance competing interests: homeowner concerns about growth and property values, and the region's need for more housing inventory.

If the construction timeline stays on schedule, Capstone at Covington Place will soon move from site work into full development—adding 80 new rental units to a parish still searching for the right formula to meet housing demand without fueling backlash.

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Weekend Upgrades That Can Save You Thousands

Bad weather doesn't just rattle the windows—it quietly racks up repair bills. Wind, hail, freezing temperatures, and heavy rain can all do real damage, and while homeowners insurance is there for major disasters, it's not a blank check for every problem. If an insurer decides the damage traces back to neglect—like clogged gutters that caused water intrusion or poorly maintained seals around windows—your claim can be delayed or denied.

The smartest move is reducing the odds you'll need to file a claim in the first place. Even better: these "home hardening" projects also make it easier to prove you've maintained your home if you ever do need coverage. Many of them are affordable, doable over a weekend, and may even lower your energy costs along the way.

Here are nine practical upgrades that help your home take a hit—and bounce back.

1) Seal Windows and Doors Before Water Finds a Way In

Drafts aren't just annoying; they're often the first sign that outside air—and moisture—has a path into your home.

• Caulk gaps between window frames and the surrounding wall to tighten the seal and improve the finish.
• Add weatherstripping to windows and door bottoms where light or air sneaks through. Make sure it compresses properly when closed.
• If you have older single-pane windows, consider a seasonal stopgap: heat-shrink plastic window film. It's surprisingly effective for reducing heat loss and drafts.

This one upgrade can lower HVAC strain, cut energy costs, and reduce the chance of hidden moisture damage.

2) Hunt Down "Invisible" Air Leaks Around the House

Windows and doors are obvious—many leaks aren't. Small gaps in unexpected places can make a home feel drafty and overwork your HVAC.

Common culprits include:

• attic hatches
• recessed lighting
• baseboards and trim gaps
• outlets and switches on exterior walls
• plumbing penetrations under sinks
• exhaust vents and utility connections

Use caulk for smaller cracks and expanding spray foam for larger openings. It's not glamorous work, but it's one of the quickest ways to tighten up a home and protect it from moisture intrusion.

3) Install Gutter Guards to Prevent Water Damage (and Claim Headaches)

Clogged gutters can trigger a domino effect: overflow, foundation issues, roof rot, siding damage, and in cold climates, ice dams. Gutter guards reduce the debris that causes backups and make maintenance far easier.

If you're comfortable on ladders and can work safely, many guard systems are DIY-friendly. If not, hire it out—this is one job where a fall costs far more than the installation.

4) Insulate Pipes and Winterize Outdoor Plumbing

Frozen pipes are one of the fastest ways to turn a normal winter into a five-figure mess.

• Wrap exposed pipes in unconditioned areas (attic, crawlspace, garage) with foam pipe insulation or pipe wrap.
• Disconnect and store garden hoses before freezing temps arrive.
• Protect outdoor spigots with insulated covers.
• If you have irrigation or sprinklers, consider blowing out the lines to remove lingering water that can freeze and crack components.

This is small-cost prevention with huge upside.

5) Replace or Clean HVAC Filters on a Seasonal Schedule

A clogged filter doesn't just affect air quality—it forces your system to work harder, raising utility bills and wearing down equipment.

A good rule: every three months (or whenever seasons change). If you use reusable filters, clean them just as consistently.

6) Test Your Sump Pump—Not During the Storm

A sump pump only protects your basement if it actually turns on when water rises.

Quick test:

1. Unplug it and clear debris from the pit and pump intake.
2. Plug it back in.
3. Pour a bucket of water into the basin and confirm it activates properly.

If it struggles or fails, repair or replace it now, not mid-downpour. Consider adding a battery backup so it still runs during power outages—storms love knocking power out at the exact worst time.

7) Secure Outdoor Items That Become Wind-Driven Missiles

Flying debris is a common source of storm damage—and it doesn't take a hurricane. Loose fencing, patio furniture, trash cans, trampolines, playsets, and decor can all become dangerous in high wind.

What to do:

• Store what you can in a garage or shed during rough seasons.
• Reinforce what you can't store: repair loose fence boards, anchor pergolas, and tighten hardware.
• Use tie-down kits for bulky items that aren't permanently fixed in place.

This protects your home, your neighbors, and your wallet.

8) Strengthen Your Roof with Targeted Upgrades

Your roof is your home's first line of defense—and a small weakness can turn into a major interior problem.

Depending on your needs and comfort level:

Apply a roof sealant designed for your shingle type to improve moisture and UV resistance (follow product instructions carefully).

In high-wind regions, consider hurricane clips to better connect roof framing to the home's structure. This is typically a professional installation, but it can meaningfully improve resilience.

Roof work is not the place to be brave—if heights aren't your thing, hire a pro.

9) Prune Trees in Winter to Prevent Storm Damage

This one gets ignored until a limb comes down on a roof.

If you have trees near your home, garage, driveway, or fencing:

• Have a licensed arborist evaluate tree health and identify risky limbs.
• Winter pruning can be ideal because it's often less stressful on trees and makes structural issues easier to spot.

If you DIY, make sure you're using correct pruning methods—bad cuts can invite disease or encourage weak regrowth.

The Big Idea: Maintenance Is Your Best Insurance Strategy

Insurance is for sudden, unavoidable disasters—not slow-building problems that look like preventable upkeep. A weekend spent sealing, securing, and testing the basics can dramatically reduce your risk of damage, help your home run more efficiently, and strengthen your position if you ever need to file a claim.

If you want, tell me your region (humid/coastal, tornado-prone, snowy/freezing, etc.) and the age of your home, and I'll rank the top 3 projects that will give you the biggest payoff first.

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