home equity

Home equity rates for March 20, 2014

 

I'm Doug Whiteman with Bankrate.com, and here is your weekly look at home equity rates.

Rates on home equity lines of credit fell to a 9 1/2-year low. The average rate is now 4.92 percent, the lowest since September 2004. With the Federal Reserve holding short-term interest rates steady for some time to come, borrowers needn't worry about those rates zooming higher right away.

The average fixed-rate home equity loan, often popular for debt consolidations, inched higher to 6.18 percent.

Borrowers are increasingly turning to home equity as the increase in mortgage rates since last year removed the incentive for many to do a cash-out refinancing. The recovery in home prices is also giving many homeowners their first taste of home equity in a number of years, or a larger stake than they've had since the housing bust unfolded.

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.

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