- 4.94% (line of credit)
- 6.22% (loan)
Rates on loans backed by home equity increased in Bankrate's weekly survey.
The typical home equity loan rose 9 basis points to 6.22 percent.
The typical home equity line of credit, or HELOC, rose 7 basis points to 4.94 percent.
A basis point is one-hundredth of 1 percent.
Greg McBride, CFA, Bankrate's chief financial analyst, said, "There were several rate changes in markets around the country for both products," resulting in the wide rate fluctuations.