Homeowners Get Creative with Renovations Amid High Mortgage Rates

High mortgage rates are causing homeowners to stay put and delay major renovations, prioritizing maintenance instead. Home equity loans and HELOCs, traditionally used for improvements, are now often used to cover expenses, making renovations less affordable. This shift leads to fewer big-ticket projects, impacting the home improvement market and potentially increasing vulnerability to weather damage. The housing market may see less turnover and spending on upgrades.