home equity

National home equity loan rates for Oct. 13, 2011

Interest Rate Roundup
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Home Equity

  • 5.43% (line of credit)
  • 6.74% (loan)

Rates on home equity loans and lines of credit rose in this week's survey.

The average home equity loan gained 1 basis point to 6.74 percent. The average home equity line of credit, or HELOC, rose 1 basis point to 5.43 percent. A basis point is one-hundredth of 1 percentage point.

 

 

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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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