I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at home equity rates.
The average fixed rate home equity loan fell for the fifth consecutive week to a new low of 6.36 percent. This is still more than two percentage points higher than that of a fixed rate mortgage, which you can chalk up as the price a lender commands to be second in line to collect.
But the fixed rate home equity loan is still one percentage point higher than the variable rate home equity line of credit. The average HELOC rate held at the 3-year low of 5.22 percent. While this rate is variable and will rise in step with Federal Reserve interest rate increases, borrowers have some runway before that becomes an issue. The Fed continues to stick to their late-2014 timetable of when they expect to raise rates. Though that is subject to change as economic conditions warrant, its safe to say that it won't come about anytime soon.
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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