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 23, 2008.
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Home equity products
Rates: 5.70 percent (line of credit); 7.73 percent (loan)
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Rates on home equity products were split this week.
The average home equity line of credit -- or HELOC -- fell 3 basis points, to 5.7 percent. Meanwhile, fixed-rate home equity loans rose 5 basis points, to 7.73 percent.
Rates on home equity products generally have been falling in recent weeks. However, lenders have been moving away from selling home equity products as home values plunge in many U.S. markets.
Banks have tightened their home equity lending standards for issuing new HELOCs and loans, and have frozen or restricted customer access to existing lines of credit.
-- Chris Kissell
Compare home equity loans in your area. |
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July 30 - Aug. 5
