Rates on loans backed by home equity fell in Bankrate's weekly survey. I'm Doug Whiteman with your weekly look at home equity rates.
The typical home equity loan fell 5 basis points to 6.17 percent.
The average variable-rate home equity line of credit, or HELOC, dropped 10 basis points to 4.97 percent.
With rates on the decline and home prices in many parts of the country on the rise, it's becoming more and more enticing for homeowners to borrow against the value of their home. Keep in mind that with a home equity loan, you get a lump sum of money, which is useful for a renovation or other one-time payment. With a HELOC, you have access to the cash, but only pay interest on the amount borrowed as you use it. This is good for recurring payments like college tuition and other monthly bills.
For more on which home equity product is right for you and to search for the very best home equity rates in your area, visit Bankrate.com. I'm Doug Whiteman.