I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at home equity rates.
Fixed-rate home equity loans increased for the fourth consecutive week, but the increases have been by the narrowest of margins. The average rate is 6.16 percent, the same as seen back in April, and is up only slightly from 6.09 percent one month ago. This hardly compares to what has been seen in mortgage rates where rates are at a two-year high and up more than 1 full percentage point since May. Consumers in the market for a home equity loan can rest easy.
Meanwhile, home equity lines of credit held steady, with the average rate at 5.11 percent.
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.