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 Nov. 28, 2007.
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Home equity
Rates: 7.62 percent (line of credit); 8.03 percent (loan)
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Rates on home equity products barely budged this week. The average home equity line of credit remained unchanged at 7.62 percent.
Meanwhile, fixed-rate home equity loans dropped 1 basis point to 8.03 percent.
There was more bad news related to home equity products this week. Wells Fargo announced $1.4 billion in losses on home equity loans that are not being repaid.
In addition, some pundits are speculating on whether sinking home values -- and corresponding declines in home equity -- will keep consumers from tapping home equity lines of credit to finance gift purchases this holiday season.
See
home equity rates in your area. |
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July 30 - Aug. 5
