Home Equity
- 5.59% (line of credit)
- 7.28% (loan)
Here's a look at the state of home equity rates from Bankrate.com's weekly national survey of large banks and thrifts conducted July 7, 2010.
Rates on home equity products remained locked in a tight range for the fourth straight week.
The average home equity line of credit, or HELOC, was unchanged at 5.59 percent.
Meanwhile, home equity loan rates also remained unchanged, at 7.28 percent. They remain at their lowest level since November 2005.
In other home equity news, the delinquency rate on home equity loans fell for the first time in two years, according to the American Bankers Association.
In the first quarter, 4.12 percent of home equity loans were at least one payment late. That's down from 4.32 percent in the last quarter of 2009. Delinquencies on HELOCs fell to 1.81 percent of all accounts, down from 2.04 percent the previous quarter.
To find the best home equity loan rates in your area, check Bankrate's interactive tool.
-- Holden Lewis