home equity

National home equity loan rates for July 7, 2011

Interest Rate Roundup
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Home Equity

  • 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




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Dear Dr. Don, My husband and I have a $173,000 home equity line of credit, or HELOC, carrying an interest rate of 2.25 percent. It has a draw period coming to a close in March 2016. Our monthly payments are to jump at that... Read more

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