I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at home equity rates.
Rates rebounded on both home equity lines of credit and home equity loans this week. The average variable-rate home equity line of credit is now 5.5 percent and the fixed rate home equity loan is 6.78 percent.
Despite an environment of record low interest rates, home equity rates aren't at the same knock-your-socks-off lows that we see on first mortgages or even auto loans. Why? This is the price of being 2nd in line to collect in the event of default. A lot of home equity loans and lines of credit taken during the housing boom were complete losses when home prices plunged and borrowers defaulted.
For more information on home equity loans and home equity lines of credit, and to check home loan rates in your area, go to Bankrate.com.
I'm Greg McBride.