- 5.59% (line of credit)
- 6.85% (loan)
Loans backed by home equity showed downward movement in interest rates in the last week.
The Bankrate survey found an average rate of 6.85 percent on home equity loans, a relatively steep drop of 8 basis points compared to 6.93 percent a week earlier. A basis point is one-hundredth of 1 percentage point.
With the typical home equity line of credit, or HELOC, the rate was 5.59 percent, down 1 basis point.-- Gregg Fields