home equity

National home equity loan rates for June 30, 2011

Interest Rate Roundup
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Home Equity

  • 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

 

 

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Tap HELOC to cover college costs?

Dear Dr. Don, I have a home equity line of credit, or HELOC, for $110,000 that expires in September 2016. I do not have a mortgage. I won't need to use the home equity line until 2015 when my children head to college. I'd... Read more

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