home equity

Home equity rates for May 9, 2013

 

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 declined for the second week in a row and for the third time in four weeks, dropping to 6.12 percent. This is the lowest in two months. But borrowers should understand that not every lender is cutting rates. There were almost as many rate increases as decreases in this week's survey, so it is still important to shop around.

On the variable-rate home equity line of credit, the average rate ticked higher to 5.16 percent, reversing last week's move.

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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