Why are interest rates for Lines of Credit still at 5.75%?

[BSdetect]

And that would be secured with a fully paid off house. That is low risk for the bank / credit union.

We are thinking of taking out a loan to help our daughter and her partner pay off their house as both have no income right now after business closures due to the virus.

We won't take out a loan while the Fed is giving these banks money for no interest.

This crisis is going to take down many people who live paycheck to paycheck.

[MoonlitKnight]

1. Because the lenders are overwhelmed

And trying to tamp down demand.

[Hoyt]

2. Because they don't know how many people will be unemployed, etc. They probably aren't even sure what

that house is worth at this time.

What houses were worth a month ago are now the good ole days. It's going to hurt everyone.

[customerserviceguy]

3. Greed. n/t

[durablend]

4. If anything interest rates are going to go up

Way too risky for banks to loan money to anyone that doesn't have A++++ credit.

You're going to see credit card companies tightening down too.