home equity

Home equity rates for June 12, 2014

 

Rates on loans backed by home equity were mixed in Bankrate's weekly survey. I'm Allison Ross with your weekly look at home equity rates.

The typical home equity loan rose 3 basis points to 6.22 percent. A basis point is one-hundredth of 1 percent.

The typical home equity line of credit, or HELOC, stayed at 4.92 percent.

Lansing, Michigan; Las Vegas, Nevada; and Naples, Florida, were all on the National Association of Realtors' list of the best housing markets during the first quarter of this year. Median home values in those top markets were up close to 25 percent since this time last year.

If you're looking to leverage some of that increased home value in the form of a home equity product, remember that home equity loans are typically better for lump-sum projects, like paying down a big bill or a home renovation. HELOCs are best suited for ongoing small payments like college tuition and fees.

For more on these products and to find the very best rates in your area, check out Bankrate.com. I'm Allison Ross.

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