Here's a look at the status 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 Oct. 31, 2007.
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Home equity
Rates: 7.81 percent (line of credit); 8.04 percent (loan)
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Home equity products were split this week. The
average home equity line of credit ticked up slightly by 2 basis points,
to 7.81 percent. Most HELOCs are indexed to the prime rate, which will
fall to 7.5 percent after the Federal Reserve's Oct. 31 decision to cut
interest rates by a quarter-point.
The average HELOC rate has declined significantly since the Fed half-point rate cut in September, and that process will continue after the Fed's latest cut to the federal funds rate.
Meanwhile, fixed-rate home equity loans remained unchanged at 8.04 percent. Changes in the federal funds rate have less predictable impacts on home equity loan rates than they do on HELOCs. So, it is not clear whether the Fed's latest rate cut will drive down home equity loan rates in coming weeks.
See
home equity rates in your area. |
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July 30 - Aug. 5
