Published on July 15, 2024 at 3:33 AM UTC
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Current home equity line of credit (HELOC) interest rates for borrowing $100,000 are 9.12% for a loan-to-value ratio (LTV) of 60%, 9.30% for 80% and 10.18% for 90%.
Today's HELOC Interest Rates
*Data is current as of July 12, 2024.
Current HELOC Interest Rate Trends
Below are the average annual percentage rates (APRs) for a $100,000 HELOC with different LTV ratios of 60%, 80%, and 90%.
HELOC Rate: LTV Ratio 60%
Currently, HELOC rates for borrowers with a 60% LTV ratio are at 9.12%, meaning they remain roughly the same as last week's rate of 9.13%, according to Curinos data. Last month, rates were 9.15%.
HELOC Rate: LTV Ratio 80%
According to data from Curinos, the average HELOC rate at an 80% LTV ratio was 9.30%, the same as last week, down from 9.32% last month.
HELOC Rate: LTV Ratio 90%
According to data from Curinos, today's average HELOC rate is 10.18%, with an LTV ratio of 90%, roughly the same as last week's 10.19%, which is roughly the same as last month's 10.18%.
Compare the best HELOC lenders before borrowing.
Frequently Asked Questions (FAQ)
Are banks still offering HELOCs?
During the COVID-19 pandemic, many banks stopped offering HELOCs due to the uncertainty surrounding the economy. However, today many banks have started offering HELOCs again to their customers.
What could disqualify you from a HELOC?
There are many reasons why you might not qualify for a HELOC, including: A lender may reject your application if:
Your LTV ratio is too high. Your DTI ratio is too high. Your credit score is too low. You don’t have a history of making on-time payments. You don’t have a steady source of income.
If you can’t qualify for a HELOC for any of the reasons above, your best option may be to work on building up the equity in your home while paying off your debt.
If you can't qualify, there are also some alternatives to consider. For example, a home equity loan or a personal loan are good options. Unlike a HELOC, both of these alternatives typically have fixed interest rates and predictable payments over the life of the loan. However, they can have higher interest rates than a HELOC.
Plus, because mortgages and personal loans are paid in a lump sum, you need to know exactly how much you need to borrow before you apply.
Explore the differences: HELOC vs. home equity loans
What is the average term of a HELOC?
HELOCs typically have repayment terms ranging from 5 to 30 years. This usually consists of a drawdown period of up to 10 years followed by a loan repayment period of up to 20 years.
Blueprint is an independent publisher and comparison service and is not an investment advisor. The information provided is for educational purposes only and we recommend that you seek individual advice from a qualified professional for any specific financial decision. Past performance is not indicative of future results.
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Jamie Young is the Managing Editor of Loans and Mortgages at USA TODAY Blueprint. She has been a professional writer and editor for 12 years. Previously, she worked at Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has appeared in some of the most prestigious media outlets, including Yahoo, Fox Business, Time, CBS News, AOL, and MSN. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she likes to play games, hang out with her two crazy cats (Detective Snoop and his girl Friday), and maintain her ever-growing plant collection.
Ashley Harrison is the Associate Editor of Loans & Mortgages at USA TODAY Blueprint and has been working in the online finance industry since 2017. She is passionate about creating helpful content that demystifies complex financial topics. She previously worked at Forbes Advisor, Credible, LendingTree, and Student Loan Hero. Her work has been featured on Fox Business and Yahoo. Ashley is also an artist and a huge horror fan, and her short story “The Box” was produced by the award-winning NoSleep Podcast. In her spare time, she likes to draw, play video games, and hang out with her black cats, Salem and Binx.