home equity

National home equity loan rates for Aug. 21, 2014

Interest Rate Roundup
Find the best home equity rates in your area.

Home Equity

  • 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.

 

 

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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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