home equity

Home equity rates for Sept. 19, 2013

 

I'm Greg McBride with Bankrate.com, and here is your weekly look at home equity rates.

The average fixed-rate home equity loan inched higher this week, to 6.06 percent. This is virtually on par with the average of 6.04 percent at the beginning of the year. Meanwhile, the average variable-rate home equity line of credit remains at 5.1 percent.

The jump in mortgage rates over the summer months took the refinancing option off the table for many homeowners. But with home prices rebounding, more homeowners are finding they have equity that can be borrowed from at very attractive interest rates.

Whether for home improvements, college tuition, debt consolidation or other investments, expect more homeowners to turn to home equity as a low cost form of borrowing.

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.

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