I'm Doug Whiteman with Bankrate.com and here is your weekly look at home equity rates.
The average rate on a home equity line of credit stayed put at 5.03 percent. The average home equity loan lost just 1 point coming in at 5.99 percent.
Not sure whether you need a home equity loan or a HELOC? The general rule of thumb is that if you need the money all at once, it's better to take out a home equity loan. But if you'll be spending the money in installments you're better off with a HELOC because you'll be paying interest only on the money that you've used.
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 Doug Whiteman.
Mortgage rates increased for the sixth week in a row.
Mortgage rates rose for the fifth week in a row.
Mortgage rates jumped to the highest levels in more than a year.
Mortgage rates rose to the highest point since last March.
Mortgage rates jumped for a second straight week.
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A little research could save you BIG on interest.