Here's a look at the state of home equity rates from Bankrate.com's weekly national survey of large banks and thrifts conducted April 7, 2010.
Home Equity
Rates: 5.67 percent (line of credit); 7.7 percent (loan)Rates on home equity products split this week.
The average home equity line of credit, or HELOC, fell 2 basis points, to 5.67 percent.
Meanwhile, home equity loan rates edged up 2 basis points, to 7.7 percent.
In other home equity news, the fourth quarter of 2009 provided a mixed picture of U.S. consumers' ability to pay their home equity debts, according to the American Bankers Association. Delinquencies on home equity loans rose to a record 4.32 percent of all accounts during the last three months of the year.
However, delinquencies on home equity lines of credit fell for the first time in six quarters, to 2.04 percent of all accounts. In a press release, James Chessen, ABA chief economist, said the improving HELOC numbers are "finally some positive indication that the housing market is stabilizing."
To find the best home equity loan rates in your area, check Bankrate's interactive tool.
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-- Chris Kissell