home equity

National home equity loan rates for August 4, 2011

Interest Rate Roundup
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Find the best home equity rates in your area.

Home Equity

  • 5.42% (line of credit)
  • 6.84% (loan)

Rates on loans backed by home equity were mixed in Bankrate's weekly survey.

The typical home equity loan had an interest rate of 6.84 percent, unchanged from last week.

But for the typical home equity line of credit, or HELOC, the rate was 5.42 percent, down 9 basis points from last week's 5.51 percent. A basis point is one-hundredth of 1 percentage point.

 

 

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HOME EQUITY STRATEGIES & ADVICE NEWSLETTER

Advice for homeowners looking for options to use their home’s equity wisely. Delivered monthly.

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Ask Dr. Don

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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