Home Equity
Rate: 5.56 percent (line of credit); 8.04 percent (loan)Rates on home equity products fell this week.
The average home equity line of credit, or HELOC, fell 2 basis points, to 5.56 percent. Home equity loan rates also slipped 2 basis points, to 8.04 percent.
In other news, delinquency rates on home equity loans (4.01 percent of all accounts), home equity lines of credit (1.92 percent of all accounts) and bank cards (5.01 percent of all accounts) hit all-time highs during the second quarter, according to the American Bankers Association.
The ABA attributed the record delinquency rates to a combination of six consecutive quarters of job losses, shorter work weeks and falling incomes.
To find the best home equity loan rates in your area, check Bankrate's interactive tool.
-- Chris Kissell