Here's a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted July 2, 2008.
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Home equity products
Rates: 5.5 percent (line of credit); 7.91 percent (loan)
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Rates on home equity products rose this week.
The average home equity line of credit -- or HELOC -- rose 3 basis points, to 5.5 percent.
Home equity loan rates rose 6 basis points, to 7.91 percent. Home equity loan rates have been rising steadily recently, having fallen just once on the past nine weeks. They are now at their highest levels since January.
Lenders continue to clamp down on home equity lending. The Wall Street Journal recently reported that home equity lending has stopped altogether in some communities where home values have plunged.
-- Chris Kissell
Compare home equity loans in your area. |
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July 30 - Aug. 5
