I'm Greg McBride, senior financial analyst with Bankrate.com, and here is your weekly look at home equity rates.
Rates on both home equity loans and home equity lines of credit moved higher this week. The average rate on a variable-rate home equity line nosed up to 5.14 percent.
Meanwhile the fixed-rate home equity loan increased to 6.14 percent.
The recent jump in mortgage rates will certainly temper demand for mortgage refinancing, but with home prices rising, more homeowners will look to home equity borrowing. The rates are still the lowest in years, and lenders are now more willing to offer home equity loans and lines.
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.