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 30, 2008.
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Home equity products
Rates: 5.54 percent (line of credit); 7.95 percent (loan)
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Rates on home equity products moved very little this week.
The average home equity line of credit -- or HELOC -- rose 2 basis points, to 5.54 percent.
Home equity loan rates remained unchanged at 7.95 percent, breaking a six-week streak of steadily moving higher.
Meanwhile, Freddie Mac reported that fewer Americans
are dipping into their home equity to fund spending activities. A Freddie
report on cash-out refinancing found that in the first six months of 2008,
such borrowing declined to its lowest level since the autumn and winter
of 2004-2005.
-- Chris Kissell
Compare home equity loans in your area. |
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July 30 - Aug. 5
