Interest Rate Roundup
home equity
National home equity loan rates

Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Dec. 23, 2009.

Home Equity

Rate: 5.54 percent (line of credit); 7.78 percent (loan)

Rates on home equity products fell sharply this week.

The average home equity line of credit, or HELOC, slipped 6 basis points, to 5.54 percent, the lowest level since April. Home equity loan rates plunged 11 basis points, to 7.78 percent, the lowest level since June 2008.

In other home equity news, delinquency rates on home equity lines of credit and other forms of credit rose in November when compared to the previous month, according to credit reporting bureau Equifax.

Equifax also noted a decline in new home equity credit lines during 2009, with originations down especially sharply in California and Florida.

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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Ask Dr. Don

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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