- 5.56% (line of credit)
- 6.98% (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 April 6, 2011.
Rates for loans backed by home equity showed slight movement in the latest Bankrate survey.
With home equity loans, the average rate was 6.98 percent, off 1 basis point from the previous week.
On the typical home equity line of credit, or HELOC, the rate was 5.56 percent, also a decline of 1 basis point. A basis point is one-hundredth of 1 percentage point.
To find the best home equity loan rates in your area, check Bankrate's interactive tool.
See all home equity loan rates content.-- Gregg Fields