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 Aug. 13, 2008.
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Home equity products
Rates: 5.56 percent (line of credit); 8 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 1 basis point, to 5.56 percent.
Home equity loan rates rose 2 basis points, to 8 percent. It is the first time since mid-January that home equity loan rates have climbed to 8 percent.
Meanwhile, lenders continue to pull back on home equity lending, with the Wall Street Journal reporting that even wealthier customers are seeing their HELOCs frozen or restricted.
-- Chris Kissell
Compare home equity loans in your area. |
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July 30 - Aug. 5
