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 jumped for a second straight week.
Mortgage rates moved higher after better-than-expected news about jobs.
Mortgage rates declined across the board this week.
Mortgage rates fell for the sixth straight week.
Mortgage rates fell for the fifth consecutive week.
Benefits start at age 62 through 70. Do you collect it right away or hold off as long as you can?
Leslie Corcoran, CFP, discusses using immediate annuities for retirement income.
Do you have a life insurance policy for your dependents? Is it enough?
Have fallen gas prices given Americans a reason to increase their discretionary income?
Not all items at dollar stores are good deals. But here are five finds that can be bargains.
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.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
A little research could save you BIG on interest.