HELOCs plunge to lowest level in three years; home equity rates tick slightly higher

HELOC rates took a big dive in the latest week, dropping to three-year lows. The $30,000 home equity line of credit plummeted 78 basis points to 7.44%, as a major lender resumed its promotions, according to Bankrate’s national survey of lenders. Meanwhile, the benchmark five-year $30,000 home equity loan rose one basis point to 7.98%. Ted Rossman, senior industry analyst at Bankrate, puts the two-week HELOC roller coaster ride in context. “In general, it’s a falling-rate environment for HELOCs and home ...