I'm Greg McBride, chief analyst with Bankrate.com, and here is your weekly look at home equity rates.
There was a lot of action on home equity rates this week, with some rate increases and even a few rate decreases. The first week of the month is a common timetable for loan rate repricing among lenders. While there was action on both home equity loans and lines of credit, only the movement in home equity loans is reflected in the broader averages.
The fixed-rate home equity loan increased to 6.22 percent, the same spot held at the beginning of last month. Meanwhile, the average home equity line of credit remains at 4.92 percent for the third consecutive week.
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.