home equity

National home equity loan averages

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 Aug. 5, 2009.

Home Equity

Rate: 5.71 percent (line of credit); 8.2 percent (loan)

Rates on home equity products fell this week.

The average home equity line of credit, or HELOC, fell 4 basis points, to 5.71 percent. Home equity loan rates plunged 23 basis points, to 8.2 percent. Loan rates are now at their lowest levels since November 2008.

In other home equity news, the Federal Deposit Insurance Corp. recently sent a letter to banks recommending lenders increase their reserves in preparation for a potential wave of losses tied to defaults on home equity loans.

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

-- Chris Kissell

 

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