home equity

National home equity loan rates for Aug. 28, 2014

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

Home Equity

  • 4.94% (line of credit)
  • 6.24% (loan)

Rates on loans backed by home equity were mixed this week, according to Bankrate's latest survey of interest rates.

The typical home equity loan rose 2 basis points to 6.24 percent. A basis point is one-hundredth of 1 percent.

For the second week in a row, the typical home equity line of credit, or HELOC, was 4.94 percent.

 

 

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Ask Dr. Don

Tap HELOC to cover college costs?

Dear Dr. Don, I have a home equity line of credit, or HELOC, for $110,000 that expires in September 2016. I do not have a mortgage. I won't need to use the home equity line until 2015 when my children head to college. I'd... Read more

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