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.
Fixed mortgage rates were slightly higher this week.
The 30-year fixed mortgage rate rose to 4.51 percent this week.
Mortgage rates pulled back slightly this week.
The benchmark 30-year fixed-rate mortgage rose to 4.5 percent.
The benchmark 30-year fixed mortgage rate inched lower.
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