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Home equity rates for Friday, July 22

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Home equity rates mostly rose today. The average rate on a 30K home equity loan remained unchanged, the average rate on a 50K home equity loan rose and the average rate on a 30K FICO-based HELOC rose.

Home equity rates may fluctuate, but it’s important to remember that they are currently around historic lows. If home improvement is on your to-do list, it’s a good time to be in the market for a loan. Just be sure to shop around for the best home equity rates available.

30K home equity loan rates

The average rate on 30K home equity loans is 4.92% today, unchanged from a week ago.

You’d pay somewhere around $565 per month for a $30,000 fixed-rate home equity loan over a 5-year period.

You can use this monthly payment calculator to estimate your monthly payments on a home equity loan.

Last updated: 7/21/2016

50K home equity loan rates

The average rate on 50K home equity loans is 4.11% today, up 1 basis point from a week ago.

You’d pay somewhere around $923 per month for a $50,000 fixed-rate home equity loan over a 5-year period.

30K FICO-based HELOC rates

The rate on a 30K FICO-based HELOC is 4.82% today, up 9 basis points from a week ago.

Keep in mind that home equity lines of credit are a different breed of loan than home equity loans. Think of HELOCs like a credit card. There’s a set limit you can borrow. You withdraw as much as you need, and as you pay off your principal, your credit revolves.

Paying for home improvement

It’s fun to imagine how you’ll use a new space, but understanding your financing options can help you decide on a plan that’s good for your bank account as well.

Home equity loans and HELOCs aren’t you’re only options when it comes to financing a home improvement project. Refinancing and even credit cards can come in handy.

Here are the basics of financing a home improvement project.

Follow me on Twitter: @MitchStrohm

You will see these rates listed on Bankrate site averages; these calculations are run after the close of the business day. Included there are rates and/or yields we have collected on the previous day for a specific banking product.

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