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 Nov. 4, 2009.

Home Equity

Rate: 5.61 percent (line of credit); 7.88 percent (loan)

Rates on home equity products fell this week.

The average home equity line of credit, or HELOC, slipped 2 basis points, to 5.61 percent. Home equity loan rates plunged 18 basis points, to 7.88 percent. Loan rates are now at their lowest levels since October 2008.

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

-- Chris Kissell

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Time to sound HELOC alarm bells?

Dear Dr. Don, I have a variable-rate home equity line of credit, or HELOC, at 2.9 percent. I'd like to convert it to a fixed-rate mortgage. I have 20 years remaining to pay off the home equity line. Would it be beneficial... Read more

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