Here's a look at the state of home equity rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Jan. 27, 2010.
Home EquityRate: 5.7 percent (line of credit); 7.83 percent (loan)
Rates on home equity products split this week.
The average home equity line of credit, or HELOC, remained unchanged at 5.7 percent. Home equity loan rates dipped 3 basis points, to 7.83 percent.
In other home equity news, Bank of America agreed to begin modifying terms on home equity products through the federal government's Home Affordable Modification Program.
Bank of America says it is the first mortgage servicer to agree to such modifications. The lender is the nation's largest mortgage servicer, with nearly 14 million loans, including approximately 3 million second liens.
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