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 June 25, 2008.
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Home equity products
Rates: 5.47 percent (line of credit); 7.85 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 5.47 percent.
Meanwhile, home equity loan rates rose 3 basis points, to 7.85 percent.
The Federal Reserve's June 25 decision not to raise the federal funds rate means borrowing costs on HELOCs will not rise substantially in the near future.
Home equity loan rates are not directly tied to the direction of the federal funds rate.
-- Chris Kissell
Compare home equity loans in your area. |
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July 30 - Aug. 5
