HELOC and home equity rates tick modestly higher

Slight gains for home equity rates in the latest week. The $30,000 home equity line of credit rose one basis point to 7.32%, according to Bankrate’s national survey of lenders. Meanwhile, the five-year $30,000 home equity loan gained two basis points to 7.92%. Even with this week’s rise, home equity rates are holding close to three-year lows. For homeowners with low mortgage rates, HELOCs can be an attractive option, especially for those considering debt consolidation, says Joshua Smith, head of the metro ...