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 July 9, 2008.
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Home equity products
Rates: 5.48 percent (line of credit); 7.92 percent (loan)
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Rates on home equity products were split this week.
The average home equity line of credit -- or HELOC -- dipped 2 basis points, to 5.48 percent. Home equity loan rates rose 1 basis point, to 7.92 percent. Loan rates have fallen just once in the past 10 weeks.
Meanwhile, the American Bankers Association reported a significant increase in the percentage of HELOCs that have fallen into delinquency. For the first quarter of 2008, 1.1 percent of HELOCs were at least 30 days past due on a seasonally adjusted basis. In the first quarter of 2007, 0.6 percent of HELOCs were at least 30 days past due.
-- Chris Kissell
Compare home equity loans in your area. |
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July 30 - Aug. 5
