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 April 9, 2008.
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Home equity products
Rates: 5.74 percent (line of credit); 7.71 percent (loan)
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Rates on home equity products remained unchanged this week.
The average home equity line of credit, or HELOC,
held steady at 5.74 percent. It was the second straight week that HELOC
rates did not change.
HELOC rates have been falling gradually thanks to the Federal Reserve's latest round of cuts to the federal funds rate. Most HELOCs are tied to the prime rate, which moves in lockstep with the federal funds rate.
Meanwhile, fixed-rate home equity loans remained unchanged at 7.71 percent.
-- Chris Kissell
Compare home equity loans in your area. |
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July 30 - Aug. 5
