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 Dec. 24, 2008.
 |
| Interest Rate Roundup |
|
|
|
|
|
Home equity products
5.11 percent (line of credit); 8.26
percent (loan)
|
Rates on home equity products were split this week.
The average home equity line of credit, or HELOC,
dropped 11 basis points, to 5.11 percent. Meanwhile, home equity loan
rates held steady at 8.26 percent.
HELOC borrowers should have extra reason to celebrate this holiday season, thanks to the Federal Reserve's recent decision to sharply lower the target federal funds rate.
Most HELOCs are indexed to the prime
rate, a common benchmark for consumer and business loans set by banks.
The prime rate moves in lockstep with the federal funds rate. So HELOC
borrowers can expect their interest rates to drift lower in coming weeks.
Federal funds rate changes do not directly impact home equity loan rates.
-- Chris Kissell
Compare home equity loans in your area. |
|
|
|
|
July 30 - Aug. 5
