I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at home equity rates.
As has been the pattern of late, home equity rates moved in divergent directions. The average fixed rate home equity loan inched lower to 6.5 percent following last week's spike higher.
Rates on home equity lines of credit increased, with the average rate climbing to 5.25 percent. But just because the average rate increased doesn't mean all lenders were boosting rates. In fact, some were cutting rates into the low 4's and high 3's. What all this means is that it underscores the importance of shopping around so you can find the best deal.
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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A little research could save you BIG on interest.