home equity

National home equity loan rates for June 9, 2011

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Home Equity

  • 5.59% (line of credit)
  • 6.89% (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 8, 2011.

Loans backed by home equity showed little movement in the latest Bankrate survey.

Home equity loans averaged 6.89 percent nationally, down 2 basis points from a week earlier. A basis point is one-hundredth of 1 percentage point.

A typical home equity line of credit, or HELOC, averaged 5.59 percent, unchanged 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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