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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchHigher borrowing costs can make a large renovation harder to finance, especially when a homeowner would need to replace a low-rate mortgage to access equity. But the latest Harvard forecast does not show remodeling spending collapsing: it projects growth continuing through 2026, although at a slower pace. The title’s “foreclosing” is rhetorical, not evidence that rates have caused a wave of canceled projects or actual foreclosures.
Are high interest rates stopping people from remodeling?
There is no quantified count here of U.S. homeowners who canceled or delayed a remodel specifically because of interest rates, nor a measured estimate of how much rates have changed project activity. Interest rates are a plausible constraint on projects financed with borrowing, but they are not the only influence on renovation spending; broader housing and economic conditions matter too.
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The latest surfaced outlook from Harvard’s Joint Center for Housing Studies projects year-over-year growth in owner-occupied home improvement and repair spending of 2.1% in mid-2026, slowing to 1.6% by late 2026. Harvard revised the release on April 15, 2026, to correct a formula error in earlier projections. These are forecasts of spending, not counts of projects or evidence that rates caused a particular outcome. Read the 2026 outlook.
The Leading Indicator of Remodeling Activity (LIRA) tracks spending on improvements and maintenance for owner-occupied homes. It is not a direct measure of discretionary remodeling alone, and should not be read as a tally of kitchens, additions, or other optional projects. Harvard’s LIRA page explains the indicator.
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The slowdown is meaningful in context, but it is not a forecast of contraction. Harvard’s 2025 housing report described its projected remodeling-market growth as below the historical average annual gain of about 5%. A separate 2025 outlook projected a 1.2% increase in renovation and repair spending during that year; that was a past forecast and is not a substitute for the later 2026 outlook. Harvard’s 2025 report and its 2025 outlook release provide those figures.
Should you remodel or move?
There is no universal answer: compare the cost and financing of a project with the full cost of moving, including the home you would buy and the expenses of selling and relocating. A renovation may address a specific need without requiring a move, but a large project can bring substantial costs and borrowing risk. A move may better fit changing space or location needs, but it also means taking on the costs and financing conditions of another home.
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Before deciding, define what the project must accomplish and obtain a realistic project budget. Then compare that budget and its financing against the cost of suitable alternatives to moving. If you would borrow, evaluate the interest and fees over the period you expect to keep the debt—not just the initial monthly payment. The available national spending forecast cannot tell an individual household which choice is cheaper or whether a particular remodel will add value.
How can you pay for a renovation without refinancing your mortgage?
A HELOC or home equity loan can let a homeowner borrow against equity while leaving the existing first mortgage in place. Both are secured by the home, so inability to repay can put the property at risk. The products differ in how funds are advanced and how payments work:
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| Option | Does it replace the first mortgage? | How funds are accessed | Rate and payment structure | Costs and key risk |
|---|---|---|---|---|
| HELOC | No; it is a line secured by home equity. | Revolving credit, typically drawn as needed during a draw period. | Typically variable; payments can rise when the draw period ends and repayment begins. | The lender may freeze or reduce the line in some circumstances. The home secures the debt; failure to repay can put it at risk. CFPB overview. |
| Home equity loan | No; it is a second mortgage. | A lump sum. | Rate may be fixed or adjustable. If you already have a mortgage, you make payments on both liens. | Fees and closing costs vary by lender and offer; compare the full terms. The home secures the debt. CFPB comparison. |
| Cash-out refinance | Yes; the existing mortgage is replaced with a larger one. | Cash is taken from equity as part of the new mortgage. | The new rate and term apply to the refinanced balance. | Closing costs apply. It may be costly if the current first-mortgage rate is lower, because the whole refinanced balance is repriced. Freddie Mac overview. |
The table describes general structures, not current rates or personalized offers. Ask lenders for written estimates of fees, repayment periods, payment changes, and total interest. Compare the expected cost over the time you plan to carry the debt, rather than choosing only by the starting payment.
Is a HELOC a good way to pay for a remodel?
It can fit a project with staged expenses because you can draw from a revolving line as costs come due. But a HELOC is not automatically cheaper or safer: its rate is typically variable, the available credit can be frozen or reduced in some circumstances, and payments may rise when the draw period transitions to repayment. Since the debt is secured by your home, missed repayment has serious consequences. Review the lender’s terms for the draw period, repayment period, payment calculation, fees, and circumstances that could change access to the line before borrowing.
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When might a cash-out refinance make sense?
A cash-out refinance may be worth comparing when replacing the current mortgage fits the household’s broader financing needs and the total cost is competitive. It replaces the existing loan, applies the new rate and term to the refinanced balance, and involves closing costs. If your current mortgage has a lower rate than the new one, compare the cost of repricing the full balance with a HELOC or home equity loan that leaves the first mortgage intact. Look at total costs over your expected holding period, not the monthly payment alone. Freddie Mac describes refinance options here; CFPB research examines cash-out refinance mortgages and borrowers from 2013 to 2023 here.
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