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.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink.
Get cost-cutting tips for buying, selling and maintaining your wheels. Delivered monthly.
Tesla is tapping its current owners to act as a sales force by offering them cash and other incentives, including a free Model X, when they refer friends who buy a car.
... Read more