Interest Rate Roundup
home equity
National home equity loan rates

Here's a look at the state of home equity loan rates from'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 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.

See all home equity loan rates content.

-- Chris Kissell


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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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