I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at home equity rates.
Home equity rates started 2013 the same way they behaved in much of 2012, by moving lower. The average rate on a home equity line of credit ticked lower to 5.01 percent while the fixed rate home equity loan reset a record low of 6.04 percent.
With home prices stabilizing and beginning to rebound in many parts of the country, lenders will be competing for home equity business in a way that we haven't seen in several years. Add to that the environment of low rates, and 2013 will be a good year for home equity borrowers.
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.