I'm Greg McBride with Bankrate.com and here is your weekly look at home equity rates.
The average fixed-rate home equity loan slipped this week, to 6.1 percent. This tame movement on the home equity loan has been a theme throughout 2013, which started the year at 6.04 percent.
The average home equity line of credit rate is now 5.2 percent. This is up slightly from one week ago, but not due to any rate changes. Rather, one offering dropped out of the survey, pushing the average higher. On the HELOC, the average rate began the year at 5.01 percent.
2014 promises to be a good year for home equity borrowers. Rates on HELOCs, in particular, will remain anchored near current levels, while we could see some slight upward movement in home equity loan rates. But an upward trend in home values not only gives more homeowners some equity from which to borrow, it will continue to bring more lenders into the marketplace eager to make these loans.
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.