home equity

National home equity loan rates for Sept. 29, 2011

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Home Equity

  • 5.41% (line of credit)
  • 6.72% (loan)

Rates on loans backed by home equity fell in Bankrate's weekly survey.

The typical home equity loan dropped 7 basis points to 6.72 percent. The typical home equity line of credit, or HELOC, fell 1 basis point to 5.41 percent. A basis point is one-hundredth of 1 percentage point.

 

 

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Advice for homeowners looking for options to use their home’s equity wisely. Delivered monthly.

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Ask Dr. Don

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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