Here's a look at the state of home equity loan rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Dec. 9, 2009.
Home Equity
Rate: 5.61 percent (line of credit); 7.85 percent (loan)Rates on home equity products split this week.
The average home equity line of credit, or HELOC, rose 1 basis point, to 5.61 percent. Home equity loan rates edged down 1 basis point, to 7.85 percent.
In other news related to home equity, U.S. home values plunged $489 billion during the first 11 months of 2009, according to Zillow.com. Total losses were significantly lower than in 2008, when home values dropped by $3.6 trillion.
Markets with the biggest losses in total dollars during 2009 were Los Angeles; Chicago; New York; Miami-Fort Lauderdale, Fla.; and Phoenix.
Markets with the biggest gains were Boston; Providence, R.I.; Denver; Atlanta; and Rochester, N.Y.
To find the best home equity loan rates in your area, check Bankrate's interactive tool.
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-- Chris Kissell