home equity

Home equity rates for Feb. 20, 2014

 

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

Home equity rates moved in opposite directions this week. The average home equity loan ticked higher to 6.23 percent, and the average home equity line of credit plunged to 5.08 percent.

The HELOC move was driven by a very attractive promotional rate introduced by one of the lenders in the survey. Otherwise, HELOC rates were largely flat.

One thing to bear in mind about introductory rate offers on HELOCs, is that rate eventually expires, reverting to a more normal rate. Further, that more normal rate is variable and it too is subject to future increases. Be mindful of this so you're not piling up a large balance at that very low introductory rate only to have to pay it back at a much higher rate down the road.

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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