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. 19, 2008.
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Home equity products
Rates: 5.1 percent (line of credit); 8.09 percent (loan)
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Rates on home equity products were split this week.
The average home equity line of credit fell 2 basis points, to 5.1 percent. A basis point is one-hundredth of a percentage point.
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.
More than a year of regular Federal Reserve cuts in the federal funds rate have sent HELOC rates steadily lower.
Meanwhile, home equity loan rates rose 5 basis points, to 8.09 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
