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

While rates on home equity 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 2 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.

50K home equity loan rates

The average rate on 50K home equity loans is 4.08% today, unchanged 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 4.76% today, up 1 basis point 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.

How high can your payment go

There are 3 ways to tap into your home equity – a line of credit, a loan or a cash-out mortgage refinance.

Lines of credit typically have variable rates that start out low but can climb over time. Home equity loans typically have fixed rates and can run from 5-year to 15-year payback periods. And cash-out refinances can variable, fixed or hybrid rates and a typical term of 15 or 30 years.

It’s a good idea to figure out your worst-case scenario payment before you tap your home equity.

Here are 5 questions to ask before borrowing against your home’s equity.

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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.