I'm Greg McBride, senior financial analyst with Bankrate.com, and here is your weekly look at home equity rates.
Rates on home equity products moved higher again. The average home equity line of credit was up for the second week in a row, rising to a seven-month high of 5.17 percent. The fixed-rate home equity loan increased for the third time in five weeks, and is now the highest since Thanksgiving at 6.17 percent.
Despite the recent move upward, rates on both home equity loans and lines of credit are still lower than this time one year ago. This is especially true on the fixed-rate home equity loan, where the gap relative to the home equity line has narrowed, a byproduct of the Federal Reserve's bond-buying and a flatter Treasury yield curve.
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.