Home Equity Rates

Your home s equity is the difference between the appraised value of your home and your current mortgage balance.

Home equity rates. 30 000 helocs average 5 99 percent. Through bank of america you can generally borrow up to 85 of the value of your home minus the amount you still owe. Current heloc rates range between 2 87 percent and 21 percent.

Usually the amount you can borrow is limited to 85 of the equity in your home. The best heloc lenders offer lines of credit with competitive interest rates low fees and an easy online application process. A higher introductory rate will apply for an ltv above 70.

85 of that is 170 000. You can use a home equity loan for major purchases such as paying for home improvements or college fees. You can find current home equity rates.

1 99 introductory annual percentage rate apr is available on home equity lines of credit with an 70 loan to value ltv or less. For example say your home s appraised value is 200 000. The index as of the last change date of march 16 2020 is 3 25.

You can choose a loan term of 10 15 20 or 30 years. The introductory interest rate will be fixed at 1 99 during the 9 month introductory period. As of sep 25 2020 the average home equity loan rate is 5 71.

Bankrate s weekly rates survey in mid december showed the average rate for a 30 000 home equity loan is 5 77 percent. Discover s home equity loans allow you to borrow up to 200 000 against your home equity with rates starting at just 3 99 percent.