Home equity rates fell today. The average rate on a 30K home equity loan fell, the average rate on a 50K home equity loan fell and the average rate on a 30K FICO-based HELOC fell.
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 4.9% today, down 4 basis point 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: 8/5/2016
50K home equity loan rates
The average rate on 50K home equity loans is 4.09% today, down 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 4.75% today, down 4 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.
Qualifying
One of the first steps in getting a home equity loan or line of credit is to see if you’ll qualify.
Use this loan prequalification calculator as the first step in determining your ability to qualify for a loan. While it can’t guarantee you will qualify, it’s a good check point.
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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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