HELOC and home equity rates see fresh weekly declines

Home equity rates fell this week, reaching their lowest levels in about three years. The $30,000 home equity line of credit fell one basis point to 7.31%, according to Bankrate’s national survey of lenders. Meanwhile, the five-year $30,000 home equity loan fell three basis points to 7.89%. While rates can influence the home equity product you decide to take, they’re not the only factor at play. Homeowners generally hold substantial equity, but growth is moderating in some parts of the country, says Kenon ...