I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at home equity rates.
Rates for both home equity loans and lines of credit stepped up this week. The average rate on the variable rate home equity line of credit increased to 5.16 percent while the average fixed rate home equity loan rebounded to 6.42 percent. In both cases, this brings rates back to where they were in late June.
Home equity rates are plenty attractive, especially if you're shopping around. The question is, do you have enough equity in order to borrow? With 1-in-4 borrowers upside down on their homes, and a comparable number having too little equity to borrow from, the pool of potential home equity borrowers has shrunk considerably along with home prices in recent years.
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.