I'm Greg McBride with Bankrate.com and here is your weekly look at home equity rates.
Home equity rates were on the rise this week. The average home equity loan squeaked out an increase, to 6.07 percent. But the average home equity line of credit bounded higher, climbing to 5.18 percent.
Home equity loans are a fixed-rate installment loan. These are good for lump-sum borrowing, such as debt consolidation, and repaid in even monthly payments over the term of the loan. A home equity line of credit is a variable-rate revolving line where the homeowner has tremendous flexibility on when they borrow and how quickly they repay. Home equity lines are favored for expenses that will be incurred in stages, such as home improvements or college tuition.
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.