Interest Rate Roundup
home equity
National home equity loan rates: May 13, 2010

Here's a look at the state of home equity rates from Bankrate.com's weekly national survey of large banks and thrifts conducted May 12, 2010.

Home Equity

Rates: 5.66 percent (line of credit); 7.41 percent (loan)

Rates on home equity products fell this week.

The average home equity line of credit, or HELOC, fell 4 basis points, to 5.66 percent.

Meanwhile, home equity loan rates slipped 1 basis point, to 7.41 percent. Rates remain at their lowest levels since December 2005.

In other home equity news, the number of U.S. homes with negative equity declined slightly in the first quarter when compared to the last quarter of 2009, according to real estate analytics firm CoreLogic.

More than 11.2 million residential properties with mortgages -- or 24 percent of the nation's total -- were worth less than what the owners owed on the home loan. That number was down from 11.3 million homes with negative equity in the fourth quarter of 2009.

Nevada had the highest percentage of homes in negative equity (70 percent), followed by Arizona (51 percent), Florida (48 percent), Michigan (39 percent) and California (34 percent).

To find the best home equity loan rates in your area, check Bankrate's interactive tool.

See all home equity loan rates content.

-- Chris Kissell

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