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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Ask Dr. Don

HELOC vs. reverse mortgage?

Dear Senior Living Adviser, If you have a home equity line of credit , or HELOC, for $150,000 with no balance on it, should you use it instead of a reverse mortgage? Which is a better way to save the assets if there is... Read more


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