What are today’s home equity loan and HELOC interest rates?

Using home equity to fund a large expense such as a home renovation or a new car is a cost-effective way to do so. Home equity loans and home equity lines of credit (HELOCs) offer rates considerably lower than other financing options, such as credit cards and personal loans, allowing you to save thousands of dollars in interest. To get the best rate available, borrowers should compare quotes from multiple lenders, paying attention to interest rates, repayment periods and any penalties or fees associated with the loan. Current average home equity loan rates are 8.22% and 8.30% for HELOCs, as of June 5

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