Interest Rate Roundup
home equity
Home equity loan rates: June 10, 2010

Here's a look at the state of home equity rates from Bankrate.com's weekly national survey of large banks and thrifts conducted June 9, 2010.

Home Equity

Rates: 5.61 percent (line of credit); 7.31 percent (loan)

Rates on home equity products fell this week.

The average home equity line of credit, or HELOC, edged down 1 basis point, to 5.61 percent.

Meanwhile, home equity loan rates fell 2 basis points, to 7.31 percent. They remain at their lowest level since early November 2005.

In other home equity news, U.S. bank losses from home equity portfolios could jump to $65 billion this year, according to Fitch Ratings. The projected losses would more than double the $31 billion banks lost on home equity portfolios in 2009.

Fitch also predicts U.S. home prices will fall an additional 10 percent over the next 12 to 18 months.

To find the best home equity loan rates in your area, check Bankrate's interactive tool.

-- Chris Kissell

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