- 5.55% (line of credit)
- 6.8% (loan)
Loans backed by home equity showed downward movement in the latest Bankrate survey.
The typical home equity loan had an interest rate of 6.8 percent according to the survey, a drop of 5 basis points. A basis point is one-hundredth of 1 percentage point.
For an average home equity line of credit, or HELOC, the interest rate was 5.55 percent, compared to 5.59 the previous week. The relatively sizable drop may have been partly caused by a change in the survey sample.-- Gregg Fields