home equity

National home equity loan rates for July 12, 2012

Interest Rate Roundup
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Home Equity

  • 5.13% (line of credit)
  • 6.39% (loan)

Rates on loans backed by home equity edged down in Bankrate's weekly survey.

The typical home equity loan fell 1 basis point to 6.39 percent. A basis point is one-hundredth of 1 percentage point. The typical home equity line of credit, or HELOC, fell 1 basis point to 5.13.

 

 

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Advice for homeowners looking for options to use their home’s equity wisely. Delivered monthly.

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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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