home equity

National home equity loan rates for June 16, 2011

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Home Equity

  • 5.61% (line of credit)
  • 6.92% (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 June 15, 2011.

Loans backed by home equity made limited moves in the latest Bankrate survey.

The average rate on a home equity loan was 6.92 percent, up 3 basis points from a week earlier. A basis point is one-hundredth of 1 percentage point.

On the typical home equity line of credit, or HELOC, the rate was 5.61 percent. That was a gain of 2 basis points from a week earlier.

-- Stephen Pounds

 

 

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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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