I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at home equity rates.
For the second week in a row, rates for both fixed and variable rate home equity products moved lower. The average variable rate home equity line of credit dropped to a three-and-a-half year low of 5.17 percent. Meanwhile the average fixed rate home equity loan retreated to a 3-month low of 6.42 percent.
Yes, the rates are low, and they're even lower when you factor in the possibility of a tax deduction on the interest. But to take advantage of these rates, you need enough equity in your home so that even after borrowing, you can still retain a minimum 20 percent equity stake.
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.