Weekly update -- home equity rates

By Chris Kissell • Bankrate.com

Here's a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Jan. 14, 2009.

Home Equity
Mortgages
CDs
Auto Loans
Credit Cards

Home Equity

Rates: 6.95 percent (60-month, new car); 7.68 percent (36-month, used car)

Rates on home equity products were split this week.

The average home equity line of credit, or HELOC, remained unchanged at 5.07 percent. HELOC borrowing costs have fallen for more than a year as a result of a series of Federal Reserve cuts in the target federal funds rate.

Meanwhile, home equity loan rates increased by 2 basis points, to 8.26 percent. A basis point is one-hundredth of a percentage point.

-- Chris Kissell

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Posted: Jan. 15, 2009