home equity

Home equity rates for Jan. 24, 2013

 

I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at home equity rates.

The average fixed rate home equity loan ticked below the 6 percent mark this week, to a new low of 5.99 percent. Rates on the variable rate home equity line of credit were unchanged, with the average rate holding at 5.03 percent.

Low rates and consistent increases in home prices are just the ingredients to attract borrowers back to home equity. But don't expect the rubber-stamp, anything goes loan approvals seen during the housing boom. Even now, most lenders want borrowers to retain a 20% equity stake in the home, after counting both the first and second mortgages.

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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