home equity

Home equity rates for Oct. 3, 2013

 

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

There was a bit of action in home equity rates this week, but not enough to move the averages. The average home equity loan rate remained at 6.06 percent and the average home equity line of credit held at 5.09 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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