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 16, 2008.
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Home equity products
Rates: 5.73 percent (line of credit); 7.68 percent (loan)
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Rates on home equity products fell slightly this week.
The average home equity line of credit -- or HELOC -- dropped 1 basis point, to 5.73 percent.
HELOC rates have been falling gradually thanks to the Federal Reserve's latest round of cuts to the federal funds rate. Most HELOCs are tied to the prime rate, which moves in lock step with the federal funds rate.
Meanwhile, fixed-rate home equity loans fell 3 basis points, to 7.68 percent.
Lenders continue to move away from home equity products as home values plunge in many markets across the United States.
This week, Wachovia announced that it is restricting access to HELOCs that have gone unused. Many other lenders have frozen or limited access to HELOCs in recent weeks.
-- Chris Kissell
Compare home equity loans in your area. |
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July 30 - Aug. 5
