Here's a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Nov. 5, 2008.
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Home equity products
Rates: 5.17 percent (line of credit); 7.99 percent (loan)
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Rates on home equity products were split this week, with the average home equity line of credit falling to its lowest level since November 2004.
The average HELOC plunged 32 basis points, to 5.17 percent. Rates are falling as a result of recent decisions by the Federal Reserve to cut the target federal funds rate.
Most home equity lines of credit are indexed to the prime
rate, a common benchmark for consumer and business loans set by banks.
The prime rate moves in lock step with the federal funds rate.
Meanwhile, home equity loan rates rose for the third straight week, increasing 4 basis points, to 7.99 percent. Loan rates are not directly tied to Federal Reserve rate decisions.
-- Chris Kissell
Compare home equity loans in your area. |
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July 30 - Aug. 5
