| North Palm Beach, Fla. -- Nov. 27, 2009 (Bankrate.com) -- The average rate on a $30,000 home equity loan in the United States remained unchanged at 7.99 percent on Friday, according to a Bankrate.com survey of $30,000 home equity loan rates released Friday.
A $30,000 home equity loan is a loan based on the amount of equity a homeowner has in the property. The interest paid on a home equity loan is usually deductible. Unlike a home equity line of credit (HELOC), the home equity loan features a fixed rate, payment and term, usually five to 15 years. Bankrate gathers quotes based on a $30,000 fixed-rate loan with a term of 60 months. Someone taking out a $30,000 home equity loan at the current average would pay $608.15 a month for the life of the loan. Nationally, the highest rate on a $30,000 home equity loan was 10.87 percent. The lowest rate was 4.00 percent. Six months ago, the average rate was 8.28 percent. To be included in Bankrate's survey for $30,000 home equity loans, a lien must be placed on the property as part of the processing of the loan. Some institutions quote a range of rates, and not a single rate. When they do, Bankrate includes the midpoint of the range as an institution's entry in the average. To see all of the results of Bankrate.com's surveys, go to www.bankrate.com. The Your Best Interest report is a daily service of Bankrate.com, a financial news and information service based in North Palm Beach, Fla. Bankrate surveys more than 300 financial products from more than 4,800 institutions in all 50 states. |