home equity

Home equity rates for Nov. 27, 2013

 

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

Rates on both home equity loans and home equity lines of credit notched higher this week. The average fixed rate home equity loan increased to a 3-month high of 6.11 percent. However, just to put into context how tame the movement in rates has been, the record low is 5.99 percent, seen back in January and February. The average rate has held between 5.99 percent and 6.14 percent since then.

Meanwhile, the average rate on a variable rate home equity line of credit nosed up to 5.18 percent.

With the rebound in home prices and the increase in mortgage rates seen during 2013, expect homeowners to increasingly turn to home equity instead of cash-out mortgage refinancing in 2014.

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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