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 Jan. 14, 2009.
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Home equity products
Rate: 5.07 percent (line of credit); 8.26 percent (loan)
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Rates on home equity products were split this week.
The average home equity line of credit, or HELOC, remained unchanged at 5.07 percent. HELOC borrowing costs have fallen for more than a year as a result of a series of Federal Reserve cuts in the target federal funds rate.
Meanwhile, home equity loan rates increased by 2 basis points, to 8.26 percent. A basis point is one-hundredth of a percentage point.
-- Chris Kissell
Compare home equity loans in your area. |
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July 30 - Aug. 5
