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 April 30, 2008.
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Home equity products
Rates: 5.75 percent (line of credit); 7.69 percent (loan)
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Rates on home equity products were split this week.
The average home equity line of credit -- or HELOC -- rose 5 basis points, to 5.75 percent.
The Federal Reserve's decision to cut interest rates by 25 basis points means HELOC borrowing costs will also decline. However, it may take one or two billing cycles before HELOC holders see rates fall.
Meanwhile, fixed-rate home equity loans fell 4 basis points, to 7.69 percent.
-- Chris Kissell
Compare home equity loans in your area. |
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July 30 - Aug. 5
