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 April 2, 2008.
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Home equity products
Rates: 5.74 percent (line of credit); 7.71 percent (loan)
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Rates on home equity products continued to hold relatively steady this week.
The average home equity line of credit -- or HELOC -- was unchanged at 5.74 percent.
Meanwhile, fixed-rate home equity loans fell 5 basis points, to 7.71 percent. The rates on these loans remain at lows not seen since May 2006.
Rates on most home equity products have been trending downward in recent weeks. However, many homeowners are finding themselves unable to access their equity accounts as lenders revoke borrowing privileges.
Lenders have become increasingly skittish about home equity lending as home values have plunged in many parts of the country.
-- Chris Kissell
Compare home equity loans in your area. |
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July 30 - Aug. 5
