I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at home equity rates.
Rates for home equity loans and lines of credit moved in opposite directions this week. After moving lower in each of the past 3 weeks, this week the average fixed rate home equity loan increased to 6.84 percent. The average variable rate home equity line of credit declined for the 5th straight week, hitting an 8-month low of 5.47 percent.
For homeowners that have sufficient equity, home equity rates are plenty attractive. The low rates are even more compelling when factoring in a possible tax deduction for the interest paid.
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.
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A little research could save you BIG on interest.